Travelex appoints new CEO
19 Apr 2022
TRAVELEX NAMES RICHARD WAZACZ AS NEW CEO
Former leader of Octopus’ fintech businesses brings twenty years of senior leadership experience; focus on digital transformation.
London, Tuesday April 19 2022 – The Board of Travelex, a market leading foreign exchange brand, is pleased to announce the appointment of Richard Wazacz as new CEO, effective 4 July 2022.
Richard is an entrepreneurial business leader who has successfully founded, scaled, and transformed financial services businesses within both start-up and corporate environments. He joins Travelex from Brickvest, where he has been the CEO since late 2020. He succeeds Donald Muir, who joined Travelex as CEO in August 2020, and who will now be staying on the Travelex board as a Non-Executive Director.
Prior to Brickvest, Richard spent six years at the Octopus Group, where he was the founder CEO of a number of new fintech businesses. He has also held senior leadership positions at both Lloyds Banking Group and Prudential. Earlier in his career Richard led logistic and baggage operations across Heathrow Airport, having started his career at Shell as a process engineer.
Richard’s experience and proven track record in digital transformation was a key factor in his appointment, with digitisation and increased investment into digital capabilities having become a growing priority for Travelex in recent years.
Richard’s appointment follows a successful turnaround for Travelex, who, under Donald Muir’s leadership, overcame unprecedented challenges, enabling the business to survive and rebuild in the Covid-19 environment. Following the company’s debt restructuring in 2020 where the company raised £84m in new funds, Travelex has subsequently secured £130m of further funding, to provide the business with the working capital and capex required to deliver its planned recovery and growth.
Richard Wazacz, New Travelex CEO, said:
“I am extremely proud to be joining Travelex, a market leader and a heritage brand with a rich history. Having overcome the difficult market conditions of recent times, I believe the company is now well placed to push forward, be ambitious, innovate, and grow.
“Travelex is rightly proud of simplifying its customers’ access to international money, and I will do my best to further this mission whilst modernizing the businesses and navigating it through a complex and shifting forex market.”
Donald Muir, outgoing Travelex CEO, said:
“I would like to thank the entire Travelex team for their exceptional commitment, and for working tirelessly to not only ensure the survival of the business, but its continued success through unprecedented market conditions. I would also like to thank the board and shareholders for their unwavering faith and support in me and the business.
“Richard’s appointment represents an exciting new chapter for Travelex, and signifies us having shifted from a recovery phase back to a position of positive, ambitious growth. I look forward to working with Richard in my new role as Non-Executive Director.”
Mike Rees, Chairman, Travelex said:
“I would like to place on record my considerable thanks to Donald Muir. Under Donald’s watch Travelex has continued to flourish, despite facing what felt at times like insurmountable challenges.
“There is still work to be done; but we are extremely confident that, with our recovery in hand and market conditions improving, Richard is now well placed to maximise the business opportunity for Travelex including building out our digital offering and to lead us into our next chapter of growth.”
Enquiries:
Travelex
For investor related queries:
Victoria.Benis-Lonsdale@travelex.com
For other enquiries:
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