Paysafe chair departs after less than a year

Paysafe has appointed a new chair after one of the key figures from the firm’s SPAC partnership stepped down from the board.

William Foley, whose Foley Trasimene Acquisition Corp. II merged with Paysafe to launch on the New York Stock Exchange in March 2021, has stepped down as chair.

Foley was appointed as chair of the newly formed public company but has now left the role after a year in situ.

Foley will be replaced by Daniel Henson, who has served as a Paysafe board member since the SPAC merger last year.

Henson, a former chief marketing officer at General Electric, had been responsible for overseeing the nomination and governance committee at Paysafe.

Paysafe said Foley was stepping down as chair and as a member of the Paysafe board to “focus on other commitments”.

Speaking on his decision to step down, Foley said: “I am confident in Paysafe’s growth outlook which supports Cannae’s large investment in Paysafe including our recent additional investment.

“I’m delighted that Dan has agreed to succeed me as Paysafe’s chairman. As a major shareholder we look forward to continued success of Paysafe as a disruptive, specialised payments platform,” he added.

Philip McHugh, Paysafe CEO, commented: “On behalf of the entire Paysafe team, I’d like to thank Bill for the leadership and vision he has brought to Paysafe to date during his time as our chairman – it has been a real privilege to work with him.”

Elsewhere, Paysafe posted a flat revenue rise for Q4 2021 of $371.7m compared to $370.3m in Q4 2020.

The firm recorded an 11% year-on-year increase in EBITDA from $95.3m to $105.5m with EBITDA margin increasing from 25.7% to 28.4%.