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Paysafe Limited has named fintech veteran Bruce Lowthers its new CEO after incumbent Chief Executive Philip McHugh decided to abdicate the role.

Lowthers will join the company by 1 May, succeeding McHugh who will step down as both a board member and Paysafe’s CEO, a position he held since June 2019.

Its incoming Chief Executive, who has also been appointed Executive Director, joins the company after a 15-year tenure with American fintech giant FIS.

This began in 2007, and during his time with the corporation, he held multiple roles culminating in him serving as President.

The CEO transition, Paysafe remarked, builds on the appointment of Daniel Henson as Non-Executive Chairman in March.

Commenting on Lowthers’ appointment, Henson said: “Bruce is an exceptional executive whose proven track record of driving sustained results and enterprise value is second to none.

“In particular, he has successfully scaled and transformed many global organisations. Paysafe is at an exciting inflection point on its journey and we are confident Bruce is the right leader to take it to the next level of growth.”

Henson went on to thank McHugh for his service. The outgoing CEO’s tenure saw him guide Paysafe through the pandemic and take the company public.

“On behalf of the board, I want to thank Philip for his leadership over the past three years,” said Henson. “He has taken Paysafe public, expanded its footprint and established value-added relationships while upgrading the company’s product and tech capabilities.”

Paysafe went on to reaffirm its revenue and adjusted EBITDA guidance for the first quarter and full year 2022. It plans to publish its Q1 financial results on Wednesday 11 May.

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