David Thodey resigns as Tyro Payments chair as Westpac circles

David Thodey follows former boss Robbie Cooke out the door, just weeks after Westpac confirmed it was in early talks to buy the payments company.

David Thodey has resigned as chairman of takeover target Tyro Payments and will be replaced by board member Fiona Pak-Poy.

Mr Thodey’s exit comes weeks after Westpac confirmed it was in early talks to buy the merchant terminal provider, and just two months after the company rejected a separate takeover bid from a private equity consortium led by Potentia Capital.

Announcing Mr Thodey’s departure on Thursday, ASX-listed Tyro said he had resigned “to take up new opportunities”.

Mr Thodey, a former Telstra chief executive, has served as Tyro’s chairman since 2019 and will stay on until February to “ensure a smooth transition”.

Ms Pak-Poy, who has previously served on the boards of MYOB and ISentia, will assume the chairman role from March 1. Her appointment was unanimously supported by the board, Mr Thodey said.

“It has been a pleasure to have been chair of Tyro for the past three years. Just as I did when I joined the board, I believe Tyro is a great company that has a strong future ahead as an innovative Australian fintech,” he said.

“Fiona has been a valued member of our Board for more than three years, having served on all our committees, most recently as chair of the People Committee

“ … Combined with her experience as a Tyro non-executive director, I’m very confident she will be an excellent chair of Tyro and, together with the board and (CEO Jon Davey), ensure Tyro continues to focus on providing outstanding customer service to our merchants and partners, driving operating leverage and accelerating our move to become free cash flow positive.”

Mr Pak-Poy’s appointment puts into action the board’s plan to continue to drive Tyro into its next stage of growth alongside Mr Davey, he added.

Tyro is the country’s largest eftpos provider after the major banks and has been in play for months, with Westpac not the only one of the big four believed to have run the ruler over the company.

Separately, Tyro’s board in September rejected an “opportunistic” $1.27 a share offer from a private equity consortium led by Potentia Capital that valued the business at $658m.

The offer “significantly” undervalued the company and was not in shareholders’ best interests, the board said at the time.

The outside interest in the company appeared to pick up as it navigated a CEO transition. Former boss Robbie Cooke handed in his resignation in June after five years at the top job and was due to stay on at the company until December 31, before heading off to Star Entertainment Group. Instead, he finished up at Tyro early, starting his new role in mid-October.

Tyro stock was up 1.35 per cent at $1.50 on the ASX in afternoon trade.