Boku Inc (LON:BOKU), a leading provider of global mobile payment solutions, has announced that Jon Prideaux, the Company’s Chief Executive Officer, has informed the Board of his intention to retire from his role on 31 December 2023. Jon, who has been Chief Executive of the Company since 2014, will remain on the Board as a non-executive director following his retirement so that the Company can continue to benefit from his skills and experience.
Following the conclusion of a process by the Board to identify an appropriate new Chief Executive, the Company is pleased to announce that Stuart Neal has re-joined the Company and has been appointed Chief Executive Designate. He is expected to join the Board and be appointed Chief Executive Officer on 1 January 2024. In the meantime, he will work with Jon Prideaux to ensure an orderly handover of responsibilities at the year end.
Stuart Neal has considerable relevant commercial experience and knowledge of Boku. He was Chief Financial Officer of Boku between 2012 and 2014 and between 2017 and 2019, both periods of considerable growth for the Company, and saw the company through its IPO, before being appointed Chief Business Officer of Boku’s Identity division, where he returned that business to growth, culminating in its successful disposal to Twilio in 2022. Previously, he was Chief Commercial Officer at Vocalink PaybyBankapp (acquired by Mastercard), building distribution channels and creating merchant demand. Stuart was also Commercial Director at Barclaycard, then Europe’s second largest payment acceptance company, where he oversaw the roll out of contactless payments to merchants across the UK market. In his earlier career, he held senior Commercial and Finance positions within a number of blue chip corporations including GlaxoSmithKline, Worldcom and Virgin Media.
Further regulatory announcements will be made in due course as appropriate.
Dr Richard Hargreaves, Non-executive Chairman of Boku, commented: “Whilst we are disappointed that Jon has decided to retire, we completely understand his reasons and are pleased that we will be able to continue to benefit from his skills and experience on the Boku Board.
“Jon’s shoes are hard to fill, but as a Board we have considered in depth the attributes required from a new Chief Executive and have examined a number of worthy candidates. Stuart stood out as someone with both an in-depth knowledge of Boku and detailed knowledge of card and account-to-account based payments. He has relevant wider leadership experience, including that gained when we tasked him with ensuring Boku realised appropriate value from the Identity division. Stuart will work with Jon for the remainder of the year to ensure an orderly handover of responsibilities and I am delighted that he has agreed to re-join the Group.
“Boku is trading strongly with significant opportunities for further growth and with Stuart I am confident that we have chosen the right person to lead the Group as it continues executing on its growth strategy.”
Jon Prideaux, Boku’s CEO, commented: “Last year, I turned sixty. It made me reflect on the incredible journey I’ve had as part of Boku’s leadership for more than a decade. During this time, our total processed volume has grown more than thirty-fold. Boku is profitable and cash generative. We’ve secured partnerships with all the major tech players, successfully expanded beyond carrier billing and established ourselves as a global force in local payments. But this is only the beginning, our best days are yet to come. We’re in the early stages of a prolonged phase of more rapid growth, driven initially by e-wallets and later by account-to-account payments.
“That’s why I believe it’s the perfect time to pass the baton to someone who can lead the Company into its next chapter. Knowing Stuart well, I believe he is the ideal candidate to continue the strategy we have set out. I take great pride in continuing to serve the Company on the Board as we continue on our journey into the Big Pond.“
Stuart Neal, CEO Designate, commented: “I am delighted to be returning to Boku at such an exciting time in the Company’s development. The world of payments is shifting and Boku is at the forefront of enabling the customers of global companies to pay ‘local’.
“I am thrilled that we have retained Jon on the Boku Board beyond December so that the business will continue to benefit from his vast experience and deep knowledge of the sector.
“I will be looking to draw on my own experience of bringing new payment technologies to market over the past 18 years, working closely with Boku’s world class management team, to capitalise on the market leading position that we humbly command.”
