Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, announces that it has appointed Robert O’Brien, General Manager APAC and Middle East, to the newly created position of Interim Chief Operating Officer of Cornerstone’s principal operating subsidiary, FXPress Payment Services Limited (“FXPress”). Mr O’Brien will also continue to perform his existing duties and lead the Dubai office of Cornerstone.
Cornerstone has established the FXPress COO position to strengthen operations as it continues to grow and expand. The Board has commenced a search for a permanent appointee as COO and will update the market in due course.
As disclosed in the Company’s announcement of 27 September 2021, as part of Mr O’Brien’s remuneration package as General Manager APAC and Middle East, he was entitled to receive share-based incentivisation based on a multiple of revenue generation and contribution to profit over a two-year period following his appointment. In light of his additional duties as Interim COO, this two-year period will be extended by the length of time that he remains in the position of Interim COO (with the extension being to the end of the second year). There are no other changes to Mr O’Brien’s remuneration package as a result of his additional appointment.
Julian Wheatland, Chief Executive Officer of Cornerstone, said: “As our business continues to expand, the establishment of the FXPress COO position will strengthen our operations and support our growth. We are delighted to appoint Robert as Interim COO of FXPress alongside his current role at Cornerstone. He has significant experience in the foreign exchange industry, much of which has been in leadership positions, and we look forward to leveraging his expertise across the business.”