Monitise, the AIM-listed payments technology company, has taken the unusual step of appointing a co-chief executive as it attempts to deliver on ambitious expansion targets.
The company has appointed Elizabeth Buse, a former Visa executive and Monitise board member, as joint leader with its founder Alastair Lukies. Visa is the fourth largest shareholder in Monitise, with a 5.8pc stake.
The appointment of Ms Buse follows Monitise’s £110m share issue and shift in strategy in March, which it said would mean slower-than-expected revenue growth this year. The company is aiming to shift its customers from one-off software licensing payments to recurring service subscriptions.
Partly based in the United States, Ms Buse will now oversee that shift and an attempt to build Monitise’s market share among online merchants and real world retailers who want to allow their customers to pay using a smartphone. Mr Lukies will remain in charge of the company’s relationships with its main partners and major shareholders, and corporate development.
Ali Khwaja, an analyst at Berenberg Bank, said the appointment of Ms Buse added credibility to Monitise's expansion plans. Shares in the company rose more than 4pc on the news
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