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Highlights
- Tyro has appointed Jonathan (Jon) Davey as its new chief executive officer (CEO).
- Davey joined the company as the CEO of Tyro's health business in May 2021.
- Outgoing CEO and MD Robbie Cooke will remain in charge till the end of his notice period on 31 December 2022.
Tyro Payments Limited (ASX:TYR), an Australian company which provides EFTPOS payments solutions, small business loans and banking products to Australian businesses, has shared the news today (15 September). His role will be effective from 3 October 2022.
Through an ASX filing, the software and services firm Tyro said that it has appointed Jonathan (Jon) Davey as chief executive officer (CEO).
Davey was already associated with the company since May 2021, when he joined the company as its CEO of Tyro's health business. During the same time, Tyro had acquired health fintech firm Medipass which Davey led.
Commenting on his appointment, Davey said:
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 15 September 2022
On the back of the news, the company's shares started falling. At 2.14 PM AEST, Tyro's shares were trading 4.12% lower at AU$1.28 apiece on ASX today. This underperforms ASX 200 Information Technology index, which was 0.28% down at 1,509.50 points today at 2.16 PM AEST.
However, the overall Australian market was up. At 2.17 PM AEST, the ASX 200 index was 0.31% up at 6,849.80 points.
More about CEO appointment
Tyro further informed that Davey would replace current CEO and MD Robbie Cooke. To facilitate a smooth transition, outgoing CEO Cooke has offered his services till the end of his notice period, on 31 December 2022.
David Thodey, chair of Tyro, stated:
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 15 September 2022
Tyro's business profile
Tyro is a group that offers value-adding business banking products and payment solutions to Australian companies and focuses on technology and values. The company was started in 2003.
Tyro's business is around payments and is using its core technology platform to facilitate credit and debit card acquiring.
As a merchant acquirer, Tyro offers payment solutions together with complementing business banking products.
By 30 June 2022, Tyro claims to have more than 63,700 Australian merchants as partners. In FY22, it completed transactions worth more than AU$34.2 billion.
Tyro stock performance on ASX
Tyro shares have lost more than 67% in the last one year on ASX. On a year-to-date basis, the shares have plunged 56.10%. TYR has lost 23.69% in the last six months but has gained 28.20% in last one month on ASX (as of 2.17 PM AEST, 15 September 2022).
