Chair Kahn To Step Into Alpha Group Chief Executive Role As Tillbrook Resigns
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Morgan Tillbrook has chosen to resign as the Director and Chief Executive Officer of Alpha Group International after working in the company for over 15 years. He will stay until 31 December 2024, and Clive Kahn will take over.
According to the announcement, Tillbrook will keep helping the company by giving advice. He also promised to keep at least 10 percent of the shares for three or more years. Tillbrook guided the company as its growth and finances improved a lot.
Kahn Owns 0.83% Of The Company And Aims To Expand It
Tillbrook noted that he is stepping down as Chief Executive because he is certain the company is on a good path for growth.
Kahn will take over as the new Chief Executive Officer on 1 January 2025. He owns 0.83% of the company and plans to make it bigger.
Kahn has worked in the payments and FX industry for more than 30 years. He was named Chair of the AlphaFX board in early 2017, which helped him learn a lot about how the company works. His time as Chair of Alpha Group was supposed to end in April, but he will leave that role on 1 November, and Dame Jayne-Anne Gadhia, the Group’s Chair Designate and a current Independent Non-Executive Director, will replace him.
Last April, Kahn sold his firm, takepayments, to Global Payments and will finish his work with that firm by 1 November. After that, he will work full-time as an Executive Director of Alpha. He is still the Chief Executive Officer of take payments, a role he has occupied since December 2015.
Kahn also has other experience in the industry. He worked as Chief Executive Officer of Cardsave, a company that helps with card payments, for seven years. Before that, he served as the Chief Financial Officer and later became the Chief Executive Officer of Travelex, where he worked for more than 20 years.
Alpha Group Recorded A 16% Revenue Increase For The First Half Of 2024
Last week, Alpha Group announced that its revenue grew by 16% in unaudited results for the first half of this year, even with ongoing economic challenges.
The company noted that its revenue increased to more than £64 million, rising from £55 million in the same time the previous year. The corporate division’s revenue went up by £30 million, showing a 12% rise while the institutional division increased by 15% to £33 million. This backs up the results the firm shared with investors in July.
The company’s profit before tax increased by 14% to £22.3 million. Its organic growth, which doesn’t include Cobase (in charge of alternative banking, fund finance, and bank connections), reached 21% at £23.7 million. The firm kept a strong profit margin of 38%.
