Worldline’s board of directors said Friday (Sept. 13) that Gilles Grapinet will step down as CEO and board member Sept. 30 and that the company will search for a new CEO who will work with the board to determine a new strategic plan.
The company also said in the Friday (Sept. 13) press release announcing this leadership change that Worldline experienced “slow trading conditions coupled with specific performance issues” in some parts of its business over the summer. Worldline added that it has implemented action plans in response to these issues and will announce further details during its Oct. 30 announcement of third-quarter results.
Worldline’s profit warning issued Friday is the third it has released this year, Reuters reported Friday. The announcement sent its shares to a record low that marked a 92% drop from their July 2021 high.
During the search for a new CEO, Marc-Henri Desportes, Worldline’s deputy CEO and head of merchant services, will serve as CEO for an interim period, according to the release.
Worldline also reiterated its focus on executing its plan called Power24, which aims to transform the company to be more client-centric, innovative, efficient, and positioned for stronger future growth and margin improvement, per the release.
“Power24 and all our current major development initiatives will be pursued under the steer of Marc-Henri Desportes, whilst the next strategic plan of Worldline will be actively prepared to leverage all our remarkable assets for long-term development and strong value creation for all stakeholders,” Wilfried Verstraete, chairman of Worldline’s board of directors, said in the release.
Verstraete said in the release that under Desportes’ leadership, the company built “a full pan-European footprint, a vast customer base” and strategic partnerships with leading financial institutions.
Grapinet said in the release: “As Worldline enters a new phase, I am fully confident that Marc-Henri Desportes will pursue to successfully execute Power24 to adapt to the current challenges. By leveraging all its assets and talents, I am convinced that Worldline has a very solid future ahead.”
Worldline said in February that it planned to cut 8% of its workforce to reduce costs and “support stronger future growth and cash generation.”
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