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Alpha Group International (LSE:ALPH) announced on Tuesday that Morgan Tillbrook will step down as Chief Executive Officer and director on December 31, with Clive Kahn, the company’s chairman since 2016, set to succeed him as CEO from January 1, 2025.
Tillbrook, who has led Alpha since its initial public offering, will remain in his role until the end of 2024 and continue to provide strategic advice to the company afterwards. Tillbrook has committed to retaining at least a 10% shareholding in Alpha for the next three years.
Clive Kahn, who currently holds a 0.83% stake in Alpha, has pledged to substantially increase his equity in the company as he transitions to the CEO role. Kahn’s appointment follows the successful sale of his previous company, Takepayments, to Global Payments earlier this year. He is expected to fulfill his commitments to Global Payments by November 1, at which point he will assume the role of executive director at Alpha on a full-time basis.
Following Kahn’s departure from the chairman position, Dame Jayne-Anne Gadhia, the current Independent non-executive director, will succeed him as chairman of Alpha.
The board noted that Kahn brings extensive experience in scaling financial services companies, particularly in foreign exchange and card payments. Under Kahn’s leadership at Takepayments, the company evolved from a struggling business to a leading card acceptance firm in the UK. His prior roles include serving as CEO of Cardsave and both CFO and CEO of Travelex, where he played a key role in the company’s global expansion.
Clive Kahn expressed enthusiasm about his new role, stating, “Alpha Group is an exceptional company with an incredibly exciting future ahead of it. It has been a privilege to serve as its chair over the last eight years, and I am honored to now lead the business as its CEO. I am confident that with the team and foundations we have in place, we will continue to take the business from strength to strength.”
At 0903 BST, Alpha Group International’s shares declined by 11.06%, reaching 2,090p.
