In a significant leadership change, global mobile payment solutions provider Boku, Inc. (AIM: BOKU) has announced that its Chief Financial Officer (CFO), Keith Butcher, will be retiring from the company. Butcher, who has played a crucial role in Boku's financial success over the past six years, will step down from the board at the upcoming AGM on 22 May 2024.
Boku Announces Retirement of CFO Keith Butcher
To ensure a smooth transition, Butcher will remain an employee until October 2024 and then continue as a consultant to the business until April 2025. The company has already initiated a process to appoint his successor and expects to make a further announcement in due course.
"I want to personally thank Keith for his contribution to Boku over the past six years, a time of considerable success for the Company," Stuart Neal, the new CEO of Boku said, noting that Butcher deferred his decision to retire to allow for a seamless CEO transition following the retirement of Jon Prideaux at the end of 2023.
He joined Book in 2017 as a Non-Executive Director and took over the role of CFO two years later. Previously, he was associated with Thredd, Blancco Technology Group, and for five years with Paysafe Group, where he also served as the Finance Director.
"The Company is in a strong position to capitalize on its significant momentum in leading the world in aggregating Local Payment Methods for many of the world's largest companies," Chairman Richard Hargreaves echoed Neal's sentiments, thanking Butcher for helping steer Boku to its current strong financial position.
Boku, which provides mobile payment solutions to global leaders such as Amazon, Meta Platforms, Google, Microsoft, Netflix, Sony, Spotify, and Tencent, remains confident in its ability to continue its growth trajectory following Butcher's retirement.
It marks another high-profile retirement announcement this week, after HSBC Holdings Plc's Chief Executive Officer, Noel Quinn, resigned after leading the bank for nearly five years.
Boku Ends 2023 with 178% Profit Jump
The provider of localized payment solutions concluded 2023 with a pre-tax profit of $11.4 million, marking a 178 percent increase. The company's net profit after taxes was $10.1 million, up from $4.3 million the year before.
Although the UK-listed company recorded a $24.6 million gain from discontinued operations, this amount was not included in the net after-tax profits.
These earnings figures were released after the payments firm had previously reported a 30 percent rise in revenue to $82.7 million. Its adjusted EBITDA for the year was $25.8 million, showing a 33 percent year-over-year increase and surpassing market forecasts. Additionally, the company gained from higher interest rates, with interest income rising to $1.9 million, compared to $0.2 million in the prior year.
