By Bernd Debusmann Jr
Bhairav Trivedi was replaced as Network International's CEO in January 2017
Finablr, the embattled owner of foreign-exchange businesses including Travelex Holdings, has appointed former Network International CEO Bhairav Trivedi as CEO.
In a statement, Finablr said that Trivedi – who was replaced at Network International in January 2017 – will take on the role with immediate effect.
“He [Trivedi] is an experienced business professional with over 25 years’ senior management experience in strategy, sales, marketing, business development and operations in the financial services sector,” said Michael Tomalin, co-chairman of Finablr and chairman of the nomination committee.
Tomalin added that Trivedi has “deep domain expertise in emerging technologies and payments with a special focus on the consumer payment and remittance industry.”
“As announced on 16th March 2020, the effective resignation date of Promoth Manghat as outgoing Chief Executive is now effected on the appointment of Bhairav Trivedi,” noted a company statement posted to the London Stock Exchange.
Trivedi’s appointment comes at a difficult time for Finablr.
Earlier this week, the firm’s auditor, Ernst & Young, resigned, citing concerns about corporate governance, the make-up of the board and exposure to NMC Health.
In its resignation letter, EY said there were “concerns arising out of recent events at the company and NMC Health plc…the composition of the board of the company, the adequacy of corporate governance concerns and the recent issues that have caused the company to commission an independent review of the company's financial arrangements, including of related party transactions and on and off- balance-sheet debt".
Earlier this month Finablr announced it had hired an advisor to prepare for potential insolvency proceedings. Prior to that, the company confirmed that the Financial Conduct Authority (FCA) agreed to the temporary suspension of listing of the shares of Finablr PLC at the request of the company.