Paysafe Group has confirmed the appointment of Philip McHugh as the new CEO, replacing Joel Leonoff who served the company for 11 years.
McHugh is an executive, specializing in digital payments, retail banking and corporate finance, having formerly served as Senior VP of Merchant Solutions for US credit card processor TSYS.
New CEO for PaySafe Group
- campeones
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Re: New CEO for PaySafe Group
There are rumors that PaySafe is going to be sold (again) to an investor during 2019 or early 2020. The name of the investor is not released. It would be good to find out if the new management is operating as a bridge towards the new owners. Former CEO Leonoff is going to have decorative duties from now on and there should be an explanation for that.
- balls of steele
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Re: New CEO for PaySafe Group
The truth is that Bet365 is bidding for at least 20% of PaySafe. They have the money to buy 50-51 or even 100%. But they will take just 20% in order to have access to information. You all know what information I m talking about.
- ArberPro
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Re: New CEO for PaySafe Group
I thought bet365 has already some PaySafe shares bought thru shell companies...
Maybe this is the bigger game that PaySafe is playing (google Why money laundering risk is very real with crypto cards and read the article from financial times )
Maybe this is the bigger game that PaySafe is playing (google Why money laundering risk is very real with crypto cards and read the article from financial times )
Last edited by ArberPro on Mon Jun 03, 2019 9:00 pm, edited 1 time in total.
- arbusers
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Re: New CEO for PaySafe Group
PaySafe Group has confirmed the appointment of Sujit Unni as Group Chief Technology Officer (CTO). Unni joins Paysafe from Barclays UK, where he served as a Managing Director overseeing the development of the firm’s retail and business lending platforms. Unni served as an executive for JP Morgan, Travelex and HSBC.
- campeones
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Re: New CEO for PaySafe Group
During these last days, I had talks with many managers from gambling and payments business. I came to the conclusion that PaySafe's management is doing some tragic mistakes.
Bet365 represents a big chunk of business and should be treated extra carefully. I m sure PaySafe is not happy with the ban they received from Bet365, but did they do anything to stop it? All managers are looking for their Qs and their bonuses hoping the bomb will explode to the next one, but this is when the bomb exploded to the current management.
Now, look at what is going to happen? Q4 will close badly, but the annual report will good because the bad revenue will be there for only 1.5 months. But Q1, Q2 etc from 2020 will be that bad, that shareholders will wake up looking responsibilities.
Bet365 represents a big chunk of business and should be treated extra carefully. I m sure PaySafe is not happy with the ban they received from Bet365, but did they do anything to stop it? All managers are looking for their Qs and their bonuses hoping the bomb will explode to the next one, but this is when the bomb exploded to the current management.
Now, look at what is going to happen? Q4 will close badly, but the annual report will good because the bad revenue will be there for only 1.5 months. But Q1, Q2 etc from 2020 will be that bad, that shareholders will wake up looking responsibilities.
- sagosen
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- arbusers
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Re: New CEO for PaySafe Group
Philip McHugh announced in his linkedin profile he is leaving PaySafe after almost 3 years. He will be succeeded by Bruce Lowthers, described as former FIS President and Fintech Industry Leader.
And here is the performance of the PaySafe Group's stock in NYSE during McHugh's leadership.
And here is the performance of the PaySafe Group's stock in NYSE during McHugh's leadership.
- neopas
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Re: New CEO for PaySafe Group
So he took a stock and made it a penny stock.
Wondering how much PaySafe lost from the vicious restrictions and the aggressive policy to customers accounts.
Wondering how much PaySafe lost from the vicious restrictions and the aggressive policy to customers accounts.
- arbusers
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Re: New CEO for PaySafe Group
In my view, he had a very specific task, to bring the company in the NYSE at any cost. The old-timers might remember the arrest of a former NT CEO in a US airport. Situations like this should be avoided. So he went by the book to the T, knowing that the company will deal with the SEC too. So the company became ultra legit, at the expense of some customers. Some of these customers were also legit, but not all of them. These were the side damages. That is life guys.
One thing I understand from the diagram, is that PaySafe entered the NYSE at the SPAC mania. The stock was not able to hold even at these very sanguineous times. That should be saying something.
One thing I understand from the diagram, is that PaySafe entered the NYSE at the SPAC mania. The stock was not able to hold even at these very sanguineous times. That should be saying something.
- barret19
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Re: New CEO for PaySafe Group
Paysafe is no longer the company it was before. They increased fees and stopped business with a lot of bookmakers and casinos and that´s hurting them badly.