REG - Cornerstone FS PLC - Directorate Change

Cornerstone FSAnnouncement

12/07/2022 12:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220712:nRSL2051Sa&default-theme=true

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                       +44 (0)203 971 4865
 Elliott Mannis, Non-Executive Chairman

 Judy Happe, Chief Financial Officer

 SPARK Advisory Partners Limited (Nomad)  +44 (0)203 368 3550
 Mark Brady, Neil Baldwin

 SP Angel Corporate Finance LLP (Broker)  +44 (0)203 470 0470
 Jeff Keating, Harry Davies-Ball

 Luther Pendragon (Financial PR)          +44 (0)207 618 9100
 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOABBGDRSDBDGDD