Cash machine firm ousts chief executive
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The cash machine company Cardpoint ousted its founder and chief executive Mark Mills yesterday, and parachuted in Southern Water's chairman Bob Thian to head up the board.
Mr Thian, who is to be Cardpoint's chairman, will start in an executive capacity, before eventually appointing a management team and stepping back into a non-executive role.
Disgruntled shareholders, who have suffered two profits warnings and a collapse in the company's share price over the past year, have been the driving force behind the management changes at the company, which operates private cash machines.
Mr Thian was quick to get to work yesterday, saying he was already minded to knock back the current 100p-a-share offer on the table, which the board received two weeks ago from an unnamed bidder. "There's a formal bid on the table and the board has to consider it, but it won't take too long," he said. "It feels like it's in the 'far too low' club."
Mr Mills has agreed to stay on for a three-month handover period. Shares in the company rose more than 3 per cent to close at 81.75p, giving the group a market value of £86m.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments