PE-backed NM CEO McNamara retires

Peter McNamara, founder of NM Money Group, an operator of UK ATMs and provider of consumer financial products, is retiring as CEO.

Peter McNamara, founder of NM Money Group, an operator of UK ATMs and provider of consumer financial products, is retiring as CEO. Philip Bowcock has been appointed CEO, effective immediately. NM is a portfolio company of Corsair.

PRESS RELEASE

CRICKHOWELL, Wales–(BUSINESS WIRE)–NM Money Group (“NM”), the leading independent operator of UK ATMs and provider of consumer financial products, and portfolio company of Corsair, a leading private equity firm targeting services, software, and payments investments in financial services, today announced that NM’s Founder Peter McNamara is retiring from his role as Chief Executive Officer. Philip Bowcock has been appointed CEO, effective immediately, and he will assume all of Mr. McNamara’s responsibilities leading the Company moving forward. Mr. McNamara will work with the Company to help facilitate a smooth transition. The Company also announced today that Jana Hile, former Cardtronics International Markets CFO, has been appointed in the newly created position of Chief Strategy Officer.

Mr. McNamara commented, “First of all, I want to congratulate Philip on his appointment and look forward to working with him on the transition. It has been my privilege to lead NM Money Group for the last 15 years and I am proud of the organization we’ve built and grown into today. After all the work the team has done, I believe the business is now well positioned to take advantage of the opportunities presented in the market and I am confident Philip is the right person to lead the Company in this next phase of growth.”
Mr. Bowcock said, “I am honored to take on this important role at NM Money Group. This is a strong business, with experienced leadership and many talented colleagues across the organization who are committed to securing the future growth of the business. I look forward to leveraging my experience to further solidify NM as the market leader and bring to bear even greater success in the future.”

“I want to thank Peter for his tremendous contribution to NM during his tenure,” said Lord Mervyn Davies, Chairman, NM Money Group. “His unwavering focus on successfully growing market share and expanding into new profitable businesses has been instrumental in building the Company to its present position. Thanks to his work, NM is now widely recognized as a UK market leader diversified across a number of businesses with a strong foundation for future growth.”

Lord Davies continued, “We are pleased to welcome Philip and Jana to NM Money Group. Philip will be critical in providing leadership to meet the Company’s challenges and growth objectives, while reinforcing its collaborative approach with all stakeholders, including customers, suppliers and colleagues. Corsair is delighted to be backing these experienced managers in a Company with a great track record and exciting future.”

Philip Bowcock has extensive experience and an excellent track record in leading consumer-focused, multi-site businesses with a strong digital presence. Prior to joining NM Money Group, Mr. Bowcock served as Group CEO of Countrywide plc until its successful sale to Connells. He previously served as CFO and CEO of William Hill plc where he led a successful two-year transformation that significantly increased the company’s revenue and has held senior finance positions at Cineworld Cinemas, Luminar, Barratt Development, Tesco and Hilton Group.

Jana Hile has over twenty-one years of experience in financial services and a deep understanding of global markets and delivering sustainable value. She most recently served as the International Markets CFO for Cardtronics where she was instrumental in executing a five-year growth plan, including integrating multiple acquisitions and expanding into new markets. Prior to Cardtronics, Ms. Hile served as CFO and Global Financial Director of Access Prepaid Worldwide at MasterCard and held leadership positions at Travelex Ltd and Tyco Electronics.

About NM Money Group
NM Money Group is a leading UK consumer-focused financial services group serving over 15 million customers a month. NM uses a vertically integrated business model, operating over 10,000 ATMs in the UK that issue over £1 in £5 of the cash UK consumers use, with additional ATM operations in Germany and Croatia. In addition, the NM Money brand has approximately 200 branches across the UK, offering both foreign exchange and mortgage services that enable consumer cash delivery in over 50 different currencies within minutes of ordering.