Company News

New Chairman to take the helm and other changes

Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, announces that Elliott Mannis, Non-Executive Chairman, has today informed the Company that, for personal reasons, he intends to step down from the Board with effect from 31 August 2022. Additionally, Stephen Flynn, an Executive Director and Chief Technology Officer, is resigning from Cornerstone Payment Solutions Ltd and is not seeking re-election as a Director of the Company.

Gareth Edwards, Non-Executive Director, will assume the role of Chairman of the Board following Elliott’s departure. As previously announced, the Company is currently seeking to appoint an Independent Non-Executive Director to the Board who will also serve as Chairman of the Audit Committee. Bill Newton, Executive Director, will assume the duties of Chief Technology Officer alongside his current role of Chief Information Officer.

Elliott Mannis, Non-Executive Chairman of Cornerstone, said: “I am pleased to have been a part of the Cornerstone journey, achieving a number of strategic milestones in the period following our IPO. I leave the role of Chairman in the very capable hands of Gareth, whom I have worked with closely since my appointment. I believe that Cornerstone has an excellent offering and is well-positioned for sustained growth. I look forward to watching its progress.”

Stephen Flynn, Chief Technology Officer of Cornerstone, commented: “Having been part of the team that has built the business from its infancy, prior to the acquisition by Cornerstone, I am very proud of what we achieved – from becoming a public company, to expanding globally and acquiring other FX businesses. Accordingly, I feel now is the right time for me to seek opportunities where I can use my experience and expertise to work other companies looking to produce innovative technologies.”

Julian Wheatland, Chief Executive Officer of Cornerstone, added: “Elliott is a deeply valued member of the Cornerstone team and has offered tremendous support throughout his tenure as Chairman. Stephen, alongside Bill, has played an instrumental role in getting the platform to where it is today and building our strong technology offering. On behalf of the Board, I would like to thank them for their dedication to the Company and wish them all the best for the future.”

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