Paysafe hires Bruce Lowthers to replace Philip McHugh as CEO

Specialized payments platform Paysafe announced Thursday that fintech industry leader Bruce Lowthers has been appointed as Chief Executive Officer and Executive Director for the company. 

Lowthers will join the company on May 1, 2022, succeeding Philip McHugh, who is stepping down as CEO and as a member of the Company’s Board of Directors. The transition builds on the recent appointment of Daniel Henson as Non-Executive Chairman in March. 

Throughout his career, Lowthers has earned a strong reputation as a results-focused leader who has driven transformation, innovated at speed and enhanced customer experiences for multiple global organizations. He joins Paysafe after a 15-year tenure at FIS, one of the world’s leading fintech companies, where he modernized and accelerated the growth of the Fortune 250 company.

On his appointment, Daniel Henson, Chairman of the Paysafe Board, commented: "Bruce is an exceptional executive whose proven track record of driving sustained results and enterprise value is second to none. In particular, he has successfully scaled and transformed many global organizations. Paysafe is at an exciting inflection point on its journey and we are confident Bruce is the right leader to take it to the next level of growth."

"On behalf of the Board, I want to thank Philip for his leadership over the past three years. He has taken Paysafe public, expanded its footprint and established value-added relationships while upgrading the Company’s product and tech capabilities. The strong foundation Philip and team have put in place sets Paysafe up for sustainable, long-term growth. We are very grateful for his dedication to the Company and thank him for his service."

Bruce Lowthers also expressed: "Paysafe has a highly differentiated and innovative payments offering and is at the forefront of enabling improved payments experiences for both businesses and consumers around the world. I am excited by the significant growth opportunities ahead for Paysafe and by the financial outcomes and value we can achieve for our customers, employees, and shareholders as we scale the global business. I am thrilled to be joining the talented Paysafe team at such a pivotal time!"

Philip McHugh, who led Paysafe through the pandemic and took the company public, stated: "It has been a real privilege to lead the transformation at Paysafe over the past few years and work with so many talented colleagues. Bruce and I know each other well, he’s a great leader and I’m excited to see where he can take Paysafe. I want to personally thank the team and wish Bruce, the Board and the entire Paysafe community, all the very best for the future."