10th Sep 2024 10:29
(Alliance News) - Alpha Group International PLC on Tuesday named Chair Clive Kahn as the firm's new chief executive, following Morgan Tillbrook's resignation.
According to the London-based financial services firm, Tillbrook will continue as CEO until December 31. From this point, he will leave the company and the board, but remain available to provide advice.
Additionally, Tillbrook has committed to retaining a shareholding of no less than 10% for at least 3 years, effective Tuesday. Kahn currently has a shareholding of around 0.8%, and has committed to "meaningfully" increasing this stake.
Kahn's move to CEO coincides with the recent sale of his company, takepayments, and the forthcoming expiry of his term as chair at Alpha - originally planned for March 2025.
Kahn will continue as chair of Alpha until November 1, when he will be succeeded by Non-Executive Director Jayne-Anne Gadhia. Gadhia founded the fintech Snoop and was previously CEO of Virgin Money UK PLC.
Commented outgoing CEO Tillbrook: "My decision to step down as CEO comes with the confidence that the business is on a strong and exciting growth trajectory, but also the conviction that there are people who would be better positioned for this stage in the company's journey, and none more so than Clive.
"People may wonder why I am not seeking to retain a seat on the board; fundamentally it is due to the confidence I have in Clive and the freedom he deserves to lead Alpha. The board has made many important decisions during my time at Alpha, and I have complete conviction in this one. Alpha has benefitted from a loyal and high-quality shareholder base, and I ask all of our stakeholders to now transfer the confidence they placed in me to Clive and the wider business.
"As the largest shareholder, I shall lead from the front in this regard and commit to retain a shareholding of no less than 10%, for at least three years from the date of this announcement."
Shares in Alpha Group International were trading 13% lower at 2,040.00 pence each in London on Tuesday morning.
By Holly Beveridge, Alliance News senior reporter
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