Tyro share price slides on CEO news

Incoming boss, Jon Davey is currently the CEO of Tyro's Health business.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • The Tyro share price is down 2.6% 
  • The ASX fintech company announced the appointment of a new CEO 
  • Jonathan Davey will take over the helm on 3 October; Robbie Cooke will remain in an advisory position through 31 December 

The Tyro Payments Ltd (ASX: TYR) share price is in the red this morning, down 2.6%.

Tyro shares closed flat yesterday at $1.34 apiece. A good performance considering the All Ordinaries Index (ASX: XAO) fell by 2.5%. Tyro shares are currently trading for $1.30.

So, what are ASX investors considering today?

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price

Image source: Getty Images

What are ASX investors considering?

The Tyro share price is sliding after the financial technology company announced the appointment of a new CEO.

Jonathan (Jon) Davey will take over the helm on 3 October. Davey joined the business in May 2021, after Tyro acquired health fintech Medipass, which he managed prior to the acquisition. Davey is currently CEO of Tyro's Health business.

Robbie Cooke, the current CEO, will continue with Tyro in an advisory position through 31 December to "enable a seamless transition".

Commenting on the executive appointment that looks to be pressuring the Tyro share price today, Tyro's chair, David Thodey said:

Having completed a thorough search process, it is pleasing to appoint such a strong internal candidate. Jon is a seasoned technology executive who brings relevant experience from a 30-year career working in financial services, both within corporate and start-up environments.

Jon has been a strong member of the Tyro executive team for close to 18 months so he will hit the ground running, focusing on expediting the delivery and execution of our strategy.

Thodey extended his thanks to Cooke "for his significant contribution over his nearly five years as CEO".

Davey added:

Tyro is one of Australia's first fintech companies and continues to be one of the country's fastest growing technology and innovation companies. I am thrilled to have the opportunity to lead the business into a new and exciting chapter; delivering value for our shareholders, delighting our customers, and ensuring Tyro is a great place to work.

Tyro share price snapshot

Despite gaining 28% last Thursday after rejecting a takeover bid, the Tyro share price remains down 56% year-to-date. That compares to an 11% loss posted by the All Ordinaries so far in 2022.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Financial Shares

A man with long hair and tattoos holds out an EFTPOS payment machine from behind a shop counter.
Financial Shares

This ASX payments stock jumped after a key RBA decision

RBA card reforms send Tyro shares 4% higher on Tuesday.

Read more »

Hand of a woman carrying a bag of money, representing the concept of saving money or earning dividends.
Financial Shares

This beaten-down ASX financial stock could deliver returns of better than 80%

Canaccord Genuity says there's plenty of upside for this stock.

Read more »

two people sitting at a desk look on in dismay as a colleague holds a chart with diminishing green bars topped with a jagged red line representing a stock market crash.
Financial Shares

Down 55%! Can this ASX financial stock stage a major comeback?

Some brokers see upside well above 180%!

Read more »

A young couple sits at their kitchen table looking at documents with a laptop open in front of them.
Financial Shares

AMP jumps on $150 million buyback and CEO handover. Is this beaten-down ASX stock turning a corner?

Investors are cheering AMP’s buyback plan as Blair Vernon officially takes charge.

Read more »

A woman smiles at the outlook she sees through binoculars.
Financial Shares

How much could the Macquarie share price rise in the next year?

This financial giant could deliver big returns.

Read more »

A woman presenting company news to investors looks back at the camera and smiles.
Financial Shares

AMP shares charge higher on Monday despite market selloff: What's going on?

What has this financial services company announced? Let's find out.

Read more »

CEO of a company talking.
Financial Shares

Suncorp shares slip as CEO steps aside

Suncorp shares slip after its CEO takes short-term medical leave.

Read more »

A young man working from home sits at his home office desk holding a cup of tea and looking out the window.
Financial Shares

Why is the Magellan share price down 6% today?

The investment manager issued an update regarding the proposed Barrenjoey merger today.

Read more »