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Payoneer Strengthens Organization With New Executive Hires
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Payoneer Global Inc. (NASDAQ: PAYO) has announced significant executive changes aimed at enhancing its growth strategy. Adam Cohen returns as Chief Growth Officer to lead customer growth and partnerships, while Kivanc Onan and Kevin Ambrosini join as SVP Global Product Commercialization and SVP Corporate Development, respectively. The company aims for sustainable profitable revenue growth and a long-term goal of 20% revenue growth and 20% adjusted EBITDA margins. Concurrently, Robert Clarkson, the current Chief Revenue Officer, will step down on February 15, 2023. The leadership team changes align with Payoneer's mission to empower small businesses globally.
Positive
Appointment of experienced executives to strengthen leadership team.
Focus on sustainable profitable revenue growth and expansion.
Long-term goals of achieving 20% revenue growth and 20% adjusted EBITDA margins.
Negative
Departure of Chief Revenue Officer may impact revenue continuity.
Executive team focused on optimizing profitable growth strategy
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 new executive hires within its Go-To-Market and Corporate Development teams. These changes will strengthen Payoneer’s customer focus and position the Company to continue to drive sustainable profitable revenue growth.
Adam Cohen returns to Payoneer as Chief Growth Officer. He will lead the Company’s customer growth and global partnership strategy and oversee the Company’s six regional leaders. Cohen previously worked at Payoneer for six years, most recently serving as its GM of Enterprise, and brings a deep understanding of both Payoneer and SMBs globally.
Kivanc Onanjoins Payoneer as SVP Global Product Commercialization. Onan will focus on increasing customer engagement, retention, and profitability, as well as scaling new product opportunities across regions. Onan spent the past two decades in leadership roles at PayPal and Alibaba Group, driving market expansion and growth across international markets and new product initiatives.
Kevin Ambrosini joins Payoneer as SVP Corporate Development. Ambrosini will focus on expanding Payoneer’s product offering and geographic footprint through inorganic investments. Ambrosini joins Payoneer after years as an executive leading global transformation at Alibaba.com. Earlier, he co-founded and was CFO at OpenSky, an ecommerce platform for SMBs acquired by Alibaba, and was a member of Morgan Stanley's Technology Investment Banking Group.
“I’m pleased to announce additions to our leadership team,” said John Caplan, Co-CEO. “Payoneer is intently focused on profitable growth and on delivering long-term value for our customers, employees, and shareholders. We are making changes to our leadership team to better align our organization, drive diversified revenue growth via our exceptional regional leaders and through acquisitions, and improve operating efficiency. I’m excited to bring Adam Cohen back to the company to lead our global growth effort and work closely with our technology, product, and operations leaders.
"Payoneer has an established track record of generating strong results, and we have an opportunity to do even better. We are focused on leveraging our differentiated global network to drive continued growth, as well as greater scale and operating efficiency. These initiatives require innovative and disciplined leaders, and we have assembled a team that we believe will enable us to deliver on our strategic vision and long-term opportunity. It will require meaningful effort and time, and we’re confident and excited about the path ahead.”
“We remain committed to our long-term goal of achieving 20% revenue growth and 20% adjusted EBITDA margins,” said Scott Galit, Co-CEO. “Realizing our opportunity requires a strong team and John’s focus on ensuring Payoneer has the talent for our next phase of growth has been a core part of our progress over the past year. I’m enthusiastic about the team we’re building to drive Payoneer’s future success.”
Robert Clarkson,Payoneer’s current Chief Revenue Officer, will step down from his role with the Company effective February 15, 2023. We thank him for his contributions to Payoneer and wish him well in his future endeavors.
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,” “to be,” “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) the outcome of any legal proceedings; (2) changes in applicable laws or regulations; (3) the possibility that Payoneer may be adversely affected by geopolitical and other economic, business and/or competitive factors; (4) Payoneer’s estimates of its financial performance; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2021 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 are the recent executive changes at Payoneer (PAYO)?
Payoneer has appointed Adam Cohen as Chief Growth Officer, Kivanc Onan as SVP Global Product Commercialization, and Kevin Ambrosini as SVP Corporate Development.
What are Payoneer's long-term growth goals?
Payoneer aims for a long-term goal of 20% revenue growth and 20% adjusted EBITDA margins.
When will Robert Clarkson step down as Chief Revenue Officer at Payoneer?
Robert Clarkson will step down on February 15, 2023.
How does Payoneer plan to enhance customer engagement?
Payoneer plans to enhance customer engagement through new leadership focused on growth strategies and product commercialization.
What impact do the new hires have on Payoneer's strategy?
The new hires are expected to strengthen customer focus and drive sustainable profitable revenue growth.
