The euro tumbled on Thursday following the publication of some disappointing Eurozone PMIs.
The Board of Directors at Currencies Direct; the specialists in foreign exchange and international payments, today announced the appointment of Yogesh Shetty as their Group Managing Director effective 1st February 2007.
"We have followed the successful career of Mr Shetty for several years. He has a proven record of leading change and transforming and growing businesses. The appointment of Mr. Shetty is part of our next step process towards our vision; to be a leading non-bank player in the international payments business, and is consistent with our aspiration of developing a global and diversified company." said Mr Mayank Patel, Chairman and CEO of Currencies Direct.
Mr Patel continues, "Our appointment of Mr Shetty concludes an extensive 9 month search for a new Executive Board member and meets the objectives of the Board. Our three core requirements were expertise in business transformation; a proven leader in turnaround strategies and someone who is willing to back-up their perspective on the future of Currencies Direct. Mr Shetty meets and exceeds these core requirements and the Board is confident that he can lead the next dynamic growth phase of Currencies Direct. We are proud to have such an experienced and respected industry expert joining us as our GMD and Shareholder."
"As part of our growth vision we are currently in the process of setting up a separate investment vehicle to focus on strategic acquisitions and the response from the investment community has been positive," he added.
Commenting on his appointment, Yogesh Shetty said:
"I am delighted and excited to be joining Mr Patel and his colleagues at this point in the company's history. The values of Currencies Direct and its ambitions are very much synonymous with my own and I am very excited by the opportunity to contribute to the development of such a dynamic business."
"These are rapidly changing times and the dynamics of the global currency market needs a player like Currencies Direct to challenge conventions. I believe there are real opportunities for Currencies Direct in the global marketplace to provide customers with a first class service proposition; we will be very specific and quick in how we target and deliver on these opportunities. With over 1000 non-bank financial institutions both in Europe and America the timing is ripe and right for consolidation," he added.
The Statement also added that as part of its ongoing strategy of developing and growing its Global Payments proposition, the company was pleased to announce the appointment of the following new Executives to its Operating Board; Tony Biffaro - Managing Director for Australasia, Ignacio Hernandez - Director for Business Development, Vince Carere – Director Technical Development and Stuart Boon – Director for Planning and Quality Management.
About Yogesh Shetty
Having graduated from university, Yogesh Shetty (44) worked for Coopers and Lybrand (PWC) in Tanzania for two years. Mr Shetty holds an MBA from Henley Management College specialising in Business transformation. Mr Shetty has had a varied and successful career with Travelex since he joined them nearly 20 years ago, in the field of Financial, Treasury, Dealing and Risk management. In 2002, post acquisition of Thomas Cook Financial Services, as the Group Board Member, Mr Shetty took on the leadership of Travelex's Worldwide Commercial Foreign Exchange and Global payments business. He is widely recognised as an innovator who challenged conventional and traditional banking methodologies in the payment and cash management market.
Tony Biffaro 1986-2006 – General Manager Thomas Cook Australia, Regional Director - Travelex Commercial Payments Australasia
Ignacio Hernandez 1999-2006 – Group Business Development Manager – Commercial Payments Travelex, Entrepreneur-Business Ventures, Spain
Vince Carere 1983-2006- VP Product Development – Bank of America, Global Head of Operations – Commercial Payments Travelex
Stuart Boon 1991-2006 – Head of International Payments Thomas Cook Financial Services, Head of Group Business Development – Commercial Payments Travelex