The boss of CAB Payments is to leave the fintech firm, months after its disastrous float on the London stock market.
The payment processing business was one of the largest firms to list on the London Stock Exchange last year, floating at a value of around £800 million.
However, it saw this tumble by 80% over the following three months amid a warning over profits.
On Friday, the company told shareholders that chief executive Bhairav Trivedi will step down from the role next month.
He will be replaced in the top job by Neeraj Kapur, who joined the business on Friday.
Mr Trivedi will then become a strategic adviser for the company to help his successor’s transition into the new role.
Mr Trivedi said: “It has been an honour to lead CAB Payments over the last few years and I am extremely proud of what we have achieved.
“The company has expanded and deepened its customer base and presence globally and set out clear priorities to extend our FX and payments capabilities, further diversify our customer base and expand the number of markets we serve.”
Mr Kapur said: “I am extremely excited by the opportunity to lead the highly skilled and talented CAB Payments team, as the group enters the next phase of its development.
“CAB Payments has both a very proud history and exciting future growth plans.
“I look forward to updating all our stakeholders on our progress in due course.”
Last month, CAB Payments said it expects total income for 2023 to be around 25% higher than the previous year.