Guy Wakeley will step down as Chief Executive and as a Director with immediate effect by mutual agreement. Cheryl Millington, currently an independent non-executive Director at EQ, has assumed the role of interim Chief Executive until Paul joins on 1 April 2021. Cheryl will work closely with Guy and Paul to ensure a smooth handover of responsibilities. Cheryl has been on the Board since 2018 and has deep technology and leadership experience.
Philip Yea, Chairman, said: "I am very pleased that Paul has agreed to join EQ as Chief Executive. Prior to STB Paul led a range of diverse businesses including Lombard asset finance and the SME banking business of NatWest in the UK. He was one of the founding directors of UK Finance, the recognised trade body for the UK Financial Services industry. We are delighted to have attracted someone of Paul's experience to lead the Group."
Philip Yea added: "Guy has transformed EQ since he joined in 2014. He was instrumental in delivering the successful IPO and reshaping the Group's geographical footprint, and now is the right time to appoint a successor. The Board thanks Guy for his committed and ambitious leadership, especially through the unprecedented challenges of 2020, and we wish him every success in the future."
Guy Wakeley, Chief Executive, said: "The tenure of a Chief Executive is a finite one, and I have been proud to lead the transformation of EQ from a small private business to a listed provider of technology and services with international scale. The EQ brand is stronger than ever, and our growing market shares and high customer satisfaction are testament to the skill and energy of my talented colleagues. With these firm foundations I know that EQ will thrive under new leadership and I look forward to watching its future progress as markets recover."
Paul Lynam, incoming Chief Executive, said: "I am delighted to be joining EQ as its next CEO. The Group has a good reputation with strong customer loyalty and significant presence in its chosen markets. I can see clear potential for the Group and am particularly looking forward to leading a committed team as we look to take advantage of the opportunities ahead."
The Company will announce its 2020 preliminary results on 25 March 2021.
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014. The person responsible for making this announcement on behalf of the Group is Prism Cosec Limited, (Company Secretary).
For more information:
- Paul Lynam joined Secure Trust Bank plc as CEO in September 2010, having spent 22 years working for NatWest and RBS. Prior to leaving RBS, Paul was the Managing Director, Banking, for RBS/NatWest's SME banking business across the UK. Before that, Paul spent four years as the Managing Director of Lombard North Central PLC, the UK's leading provider of asset finance. Paul is a Fellow of the IFS School of Finance and an Associate of the Chartered Institute of Bankers and the Association of Corporate Treasurers. He is also a member of the faculty of the School for CEOs.
- For the purposes of Listing Rule 9.6.13(1), Paul Lynam is currently an executive director of Secure Trust Bank plc. In the previous five years Paul was a non-executive director of Arbuthnot Banking Group plc from September 2010 to August 2018. There are no further details to be disclosed relating to Paul Lynam under Listing Rule 9.6.13R.
- The remuneration details relating to Guy Wakeley's departure, in compliance with section 430(2B) of the Companies Act 2006, and the key elements of Paul Lynam's remuneration will be made available in due course on the Group's website at https://equiniti.com