Australia's Tyro Payments chairman to step down amid buyout reports (updated)

Tyro Payments

23/11/2022 22:47

(Updates with more detail, context)
       Nov 24 (Reuters) - Australia's Tyro Payments Ltd
 TYR.AX  said on Thursday Chairman David Thodey has resigned and
will be replaced by board member Fiona Pak-Poy from March.
    The announcement comes against the backdrop of reports three
of the top four Australian banks are eyeing the payments firm to
compete with emerging buy-now-pay-later players and build new
revenue streams as rising interest rates cools down the mortgage
market.
    In a separate update, Thodey said while the board would
consider any "credible change of control proposal", it will only
recommend the offer if it represents "compelling value" for
shareholders.
    Thodey joined Tyro's board in late 2018 and became the
chairman about a year later. 
    Before that, Thodey was the chief executive of top
Australian telecom firm Telstra Group Ltd  TLS.AX  between 2009
and 2015.
    Pak-Poy will assume the position after the firm's
half-yearly results at February-end, Tyro said.
 (Reporting by Sameer Manekar in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))