Cross-border payment services firm Earthport Plc said CEO Hank Uberoi will become executive chairman Jan. 1, 2018, to fully focus on "a growing number" of strategic opportunities and partnerships.
Uberoi will take direct responsibility for developing wider strategic, commercial and investment initiatives and partnerships, Earthport said. Phil Hickman, Earthport's nonexecutive chairman, will serve as interim CEO as the company searches for a new CEO to succeed Uberoi.
Earthport said the market for cross-border payments continues to be transformed as financial institutions accelerate their move from the traditional correspondent banking model and as digital payment models continue to advance, attracting increasing competition to the company's market. It added that it was well-positioned to play "a significant role" in initiatives by Asian, U.S. and European institutions and platforms to accelerate cross-border payments capabilities.
"These include leveraging its existing infrastructure in partnership with deep-pocketed strategic partners to capture larger-scale outsourcing opportunities with global banks," Earthport said.
The company also said its anticipated revenues are expected to be between 10% and 15% lower than current expectations for the financial year ending June 30, 2018, on the back of delays in some expected contracts and client implementations, among other factors.