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Payoneer’s Board of Directors Appoints John Caplan as CEO Effective March 1
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Payoneer Global Inc. (NASDAQ: PAYO) has announced significant leadership transitions. John Caplan has been appointed CEO, effective March 1, 2023, succeeding Scott Galit, who will become a Senior Advisor and remain on the Board. Bea Ordonez, previously Deputy CFO, will take over as CFO on the same date. The company reported record results for 2022, emphasizing consistent revenue and adjusted EBITDA growth. Caplan expressed confidence in the company's trajectory, aiming for profitable growth and leveraging its robust infrastructure to capture new opportunities.
Positive
Appointment of John Caplan as CEO expected to enhance leadership focus on profitable growth.
Record 2022 results indicative of strong operational performance and consistent revenue growth.
Negative
Transition in leadership may raise concerns about continuity and the potential impact on strategic direction.
Scott Galit to transition to Senior Advisor and remain on the Board
Bea Ordonez appointed CFO effective March 1
NEW YORK--(BUSINESS WIRE)--
Payoneer Global Inc. (“Payoneer” or the “Company”) (NASDAQ: PAYO), the financial technology company empowering the world’s small businesses to transact, do business and grow globally, today announced the completion of its CEO and CFO transitions.
On February 27, 2023, Payoneer’s Board of Directors appointed John Caplan as CEO of Payoneer, effective March 1, 2023. Concurrently, Scott Galit will become a Senior Advisor to the Company and continue to serve on the Board of Directors. Caplan and Galit currently serve as co-CEOs of Payoneer following a transition period previously announced on May 25, 2022. Additionally, Bea Ordonez, Payoneer’s Deputy CFO who joined the Company on January 16, 2023, has been appointed CFO, effective March 1, 2023.
“Our record 2022 results build on our long track record of delivering real value for our customers and consistent revenue and adjusted EBITDA growth,” said Scott Galit, Co-CEO. “I am incredibly excited about Payoneer’s future and look forward to staying involved in my new role. My transition with John has gone very smoothly and I have full confidence that John, Bea, and the strong team we have will continuously strive to make it easier for SMBs to succeed in global commerce and deliver value for our customers, employees, and shareholders for many years to come.”
“Scott has been a remarkable leader for Payoneer and during his tenure, he has made Payoneer a trusted global brand and delivered an impressive track record of accomplishments and growth for the Company,” said Avi Zeevi, Chairman of Payoneer’s Board of Directors. “On behalf of the shareholders, employees, and the entire Board, I would like to thank Scott for his service to date. John will build on this strong foundation and lead Payoneer into its next chapter of growth. John has already demonstrated his strong leadership and we are excited about his increased focus on profitable growth. On behalf of the entire Board, I want to thank both Scott and John for their commitment to supporting a thoughtful and smooth transition over the past 9 months.”
“I’m honored to assume the CEO role and sincerely appreciate Scott’s guidance and friendship as we worked through this successful transition,” said John Caplan, Co-CEO. “Payoneer has a trusted brand, global footprint, and benefits from strong network effects and scaled infrastructure, which puts us in a position of strength to capture the significant growth opportunities we have. I’m excited to lead the company into our future and believe our talented and dedicated team of colleagues around the world will successfully execute and deliver on our plans.”
About Payoneer
Payoneer is the financial technology company empowering the world’s small businesses to transact, do business and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable anyone anywhere to participate and succeed in the global digital economy. Since our founding, we have built a global financial platform that has already made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. For example, projections of future volume, revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “plan,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical and other economic, business and/or competitive factors; (3) Payoneer’s estimates of its financial performance; (4) the outcome of any legal proceedings; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2022 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
What leadership changes were announced by Payoneer (PAYO)?
Payoneer announced that John Caplan has been appointed as CEO effective March 1, 2023, while Scott Galit transitions to Senior Advisor and remains on the Board.
Who is the new CFO of Payoneer and when did they start?
Bea Ordonez has been appointed CFO of Payoneer, effective March 1, 2023.
What were the highlights of Payoneer’s 2022 performance?
Payoneer reported record 2022 results, showcasing consistent revenue and adjusted EBITDA growth.
What is expected from the new CEO of Payoneer?
John Caplan is expected to focus on profitable growth and leverage Payoneer's global infrastructure for further expansion.
How does Scott Galit’s transition affect Payoneer's future?
Scott Galit’s transition to Senior Advisor may influence continuity and strategic direction, although he expresses confidence in the leadership transition.
