Directorate Change

RNS Number : 2051S

Cornerstone FS PLC

12 July 2022

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

12 July 2022

Cornerstone FS plc

("Cornerstone" or the "Company" or the "Group")

Directorate Change

Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, announces that Chief Executive Officer (CEO), Julian Wheatland , has decided to step down from his role with Cornerstone with immediate effect. He has agreed to facilitate an orderly handover of his responsibilities to the wider management team and has agreed to make himself available to assist the Company as required.

As CEO, Julian oversaw the creation of the Group and the successful IPO of the Company in April 2021. Since then he has piloted the development of the Group's proprietary technology. Through acquisition and hires Julian has driven the revenue of the Group to more than double the revenues at the time of the IPO. Through Julian's efforts the Group has been granted an e-money licence which will help drive the growth of the business with SMEs into complementary areas.

The Board will immediately embark upon a search for Julian's replacement and are confident of finding a suitable successor with payment services experience. In the meantime the Group will continue to operate with Rob O'Brien overseeing the FX payment services business.

Commenting on his departure, Julian Wheatland said:

"It has been a pleasure to serve as Chief Executive of Cornerstone - I am proud of what we have achieved and the business that we have built.  Even as I move on to new opportunities, I wish my colleagues well and I remain available to assist them in any way that I can.

"The underlying business at Cornerstone is strong and well positioned for growth and I wish the Company and my colleagues every success for the future."

Commenting on the changes, Cornerstone Chairman, Elliott Mannis, said:

"On behalf of the Board and staff at Cornerstone, I would like to thank Julian for his commitment to the Company and the Group. We wish Julian the very best for the future.

"Cornerstone has also commenced a search for an additional non-executive director to maintain appropriate independent balance on its Board."

Enquiries

Cornerstone FS plc	[phone]
Elliott Mannis, Non-Executive Chairman Judy Happe, Chief Financial Officer
SPARK Advisory Partners Limited (Nomad)	[phone]
Mark Brady, Neil Baldwin
SP Angel Corporate Finance LLP (Broker)	[phone]
Jeff Keating, Harry Davies-Ball
Luther Pendragon (Financial PR)	[phone]
Harry Chathli, Claire Norbury

About Cornerstone FS plc

Cornerstone FS plc is a payments focused fintech business that makes managing currency simple for SMEs. It provides international payment, currency risk management and electronic account services using a proprietary cloud-based multi-currency payments platform. These services are delivered directly and via white label partners on a SaaS basis to UK-based SMEs that engage in international trade. Cornerstone also serves some high-net worth individual clients.

Headquartered in the City of London with offices in Tunbridge Wells and Dubai, Cornerstone is admitted to trading on AIM under the trading symbol 'CSFS'. For more information, please visit www.cornerstonefs.com .

 

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