Fairfx Taps John Pearson To Replace Co-Founder As Chairman (ALLISS)

LONDON (Alliance News) - Payments provider Fairfx Group PLC Friday said it has appointed John ...

Alliance News 21 November, 2014 | 9:02AM
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LONDON (Alliance News) - Payments provider Fairfx Group PLC Friday said it has appointed John Pearson as its new non-executive chairman, replacing co-founder Jason Drummond who is stepping down to take up a CEO role at another one of his companies.

Drummond, who co-founded the company back in November 2005, led the board through its recent London listing on AIM.

Incoming Pearson, was co-founder and CEO of Virgin Radio for 13 years, and is currently chairman of Shazam Entertainment, as well as co-founder and director of a number of other companies.

Fairfx said it has agreed to swap Drummond's historic shareholder loan of GBP113,886 for 199,800 shares issued at 57 pence each. Drummond now will hold 5.2 million shares in the company, representing a 7.65% shareholding.

Fairfx shares were untraded Friday morning. The shares were last quoted at 58.00 pence.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

Copyright 2014 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
FairFX Group PLC 28.00 GBX 3.70 -

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