CAB Payments Holdings PLC on Monday said its chief financial officer Richard Hallett has stepped down with immediate effect.

The London-based payment processing and foreign exchange provider said Hallett is ‘considered to be a good leaver’. Details of his exit agreement will be disclosed in the annual report.

Head of Banking Matthew Talty will temporarily take over the role until a permanent replacement is found.

Hallett is also stepping down as executive director of the group and its subsidiary Crown Agents Bank Ltd.

Chair Ann Cairns said: ‘We would like to thank Richard for his commitment and enormous contribution to the company’s development over the last nine years. He has played a key role in transitioning the business from private to public ownership; a tremendous achievement. We wish him the very best for the future.’

CAB Payments shares were down 4.6% to 60.20 pence in London on Monday morning.

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