The CEO of CAB Payments is stepping down less than a year after the cross-border business-to-business payments company’s disastrous IPO on the LSE.
Bhairav Trivedi will leave his role in March following the release of CAB’s annual results. He will be replaced by Neeraj Kapur, who most recently served as CFO of Vanquis Banking Group.
CAB has raised up to £335 million through a listing on the London Stock Exchange in July 2023 at a valuation of more than £800 million.
However, the share price halved within three months after the company significantly lowered its sales forecast. The shares are currently trading at around a third of the stock market price.
According to a statement, Trivedi will remain at CAB as a senior advisor to the board and lead the company’s global push.
Ann Cairns, Chair of CAB Payments, said: “The Board warmly welcomes Neeraj to CAB Payments as our new CEO. He is an experienced financial expert and proven leader who brings a wealth of experience to this role.”