Philip Jansen to step down as Worldpay co-CEO at the end of 2018

Maria Nikolova

Worldpay will transition to a single chief executive officer, which will be its current Executive Chairman and co-CEO Charles Drucker.

Payments technology company Worldpay Inc (LON:WPY) announced today pending changes at the top, as Philip Jansen will step down as co-chief executive officer and a member of the board of directors on December 31, 2018. At that time, the company will transition to a single chief executive officer, which will be current Executive Chairman and co-CEO Charles Drucker.

Charles Drucker said:”Philip has been a great partner in helping bring Vantiv and Worldpay together, and I’d like to thank him for his significant contributions.”

Philip Jansen, co-chief executive officer, commented: “As planned, with the completion of the initial phase of the integration, now is the right time for the company to transition to having a single CEO lead the business. Our colleagues worldwide have helped get us to this point, and I’m incredibly proud to have worked with each of them across the globe.”

Let’s recall that, in January this year, Worldpay and Vantiv announced that all the conditions set out in the scheme document dated November 28, 2017 had been satisfied or waived and the Scheme of the Merger became effective in accordance with its terms.

In August 2017, the boards of Worldpay and Vantiv unveiled an agreement on the terms of a recommended merger of Worldpay with Vantiv and Bidco in the form of a recommended offer for the entire issued and to be issued ordinary share capital of Worldpay by Vantiv and Bidco. In respect of each Worldpay Share for which a valid Cash Election was made and satisfied, Worldpay Shareholders will receive approximately 420 pence per Worldpay Share as set out in the Scheme Document. Worldpay Shareholders who made valid Share Elections have had such elections scaled down on a pro rata basis by 86.3%. In respect of each Worldpay Share for which a valid Share Election was made and satisfied, Worldpay Shareholders will receive approximately 0.0773 of a New Vantiv Share.

Earlier this year, Worldpay revised its revenues and earnings outlook for the full year.

“We are raising our net revenue and adjusted earnings guidance ranges for the full year 2018,” said Stephanie Ferris, chief financial officer at Worldpay. “We expect the accelerating organic growth trends that we achieved during the second quarter to continue for the rest of the year, and we are increasing our organic revenue growth expectations by one point for the full year with a partial offset due to currency. In addition, we continue to carefully manage expenses, resulting in further earnings accretion.”

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