Australian payments firm, EML, has appointed a former Bank of Ireland executive as interim Group CEO.
Kevin Murphy is to replace Emma Shand, who resigned from the chief executive's role today.
The changeover came as the troubled business announced it had appointed external advisors Barrenjoey to conduct a strategic review.
It will consider all options including a potential sale of all or parts of the business.
Two years ago the Central Bank launched a probe into the company’s Irish based subsidiary, PFS Card Services Ireland Ltd (PCSIL) related to anti-money laundering and counter terrorism financing, risk and control framework and governance.
Meath based PFS was sold to EML by founders Noel and Valerie Moran in 2020.
In February EML said the Central Bank had written to it to say it was not satisfied with the actions it had undertaken to remediate the issues it was concerned about.
The same month, EML reconstituted its board and began an internal review of the business.
In a statement today, EML said Mr Murphy had been appointed to lead the company until a permanent CEO is found.
Kevin Murphy is a former Managing Director of Bank of Ireland’s card business.
The company also published details of new operational priorities for the group in a move away from the previous long-range strategy announced in November of last year.
The priorities include remediation of issues before the Central Bank, Financial Conduct Authority in the UK and other regulators.
It has also prioritised cost optimisation by making the business leaner and more efficient.
It also plans to target growth in its core business and work to retain talent.
