Specialized pay platform Paysafe has announced Bruce Lowthers, a FinTech specialist, as its new CEO and executive director, according to a Thursday (April 7) press release.
Lowthers will succeed previous CEO Philip McHugh, who is stepping down as both CEO and the board of directors. Lowthers has a resume including 15 years at global FinTech company FIS, where he oversaw modernization and new growth for the company.
“Paysafe has a highly differentiated and innovative payments offering and is at the forefront of enabling improved payments experiences for both businesses and consumers around the world,” Lowthers said in the release. “I am excited by the significant growth opportunities ahead for Paysafe and by the financial outcomes and value we can achieve for our customers, employees, and shareholders as we scale the global business.”
Meanwhile, chairman of the Paysafe board, Daniel Henson, said Lowthers was an “exceptional executive whose proven track record of driving sustained results and enterprise value is second to none.”
“In particular, he has successfully scaled and transformed many global organizations,” Henson continued. “Paysafe is at an exciting inflection point on its journey and we are confident Bruce is the right leader to take it to the next level of growth.”
McHugh previously led Paysafe through the turmoil of the pandemic and took the company public, according to the release.
PYMNTS wrote that Paysafe saw its stock sinking last November as a disappointing third quarter revenue was reported, partly due to challenges within the digital wallet business.
See also: Paysafe Stock Sinks Amid Weak Digital Wallet Performance
At the time, the company said the decline in sales was because of some clients exiting “in the direct marketing vertical within the Integrated Processing segment,” along with a worse than anticipated performance in its digital wallets and an expectation shift due to gambling regulations and softer European markets.
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