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EML Payments chairman ousted as investors revolt

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In her prepared remarks to the annual meeting, Shand acknowledged the company was in a “tough period“, but she outlined a new strategy that included boosting the company’s remediation efforts in Ireland, where it has faced curbs from the regulator over its systems for anti-money laundering compliance.

The strategy also included a plan to cut “controllable” costs by 10 per cent to 15 per cent from 2024, and a plan to expand from gift cards into “embedded finance” in sectors including human capital management, financial services, retail and government.

David Liddy, a former Bank of Queensland chief, has been appointed EML chairman.Credit:Glenn Hunt

“We have a three to five-year plan to transform this business. It will be fundamentally different. It will be stronger, more efficient, and more profitable in the future creating long-term value for you, our shareholders,” Shand told the meeting.

RBC Capital Markets analyst Garry Sherriff said he thought the market would remain “on the sidelines” towards EML until there was evidence the company had some “wins” and it was making progress in addressing its regulatory problems.

“Now that management have articulated a new strategy, the onus is focused on them executing on their vision,” Sherriff said.

EML shares were up 22.6 per cent to 65 cents in afternoon trade.

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