EML shares fell 16 per cent on the market following the announcement and were down 21 per cent mid-afternoon. Cregan will leave without any termination benefits but will receive his contractual entitlements.

His departure was a mutual agreement, the company said.

“Tom has served EML very well for over 10 years and he felt it was time for a change and to let the EML leadership team lead the next chapter. The board agreed with his decision,” a company spokesperson said.

Shand, a former Nasdaq executive, was already a director of EML and would be working substantially in Europe.

It follows a period of turmoil for EML after the Central Bank of Ireland wrote to the company to raise concerns about its subsidiary PFS Card Services and the potential for money laundering and terrorism financing, as well as concerns about the company’s risk management framework and governance.

PFS is a provider of white label payments and banking-as-a-service technology.

EML chairman Peter Martin said Shand had the attributes to lead the company into the future after 25 years working in technology, capital markets and diversified financial services.

“She brings a deep appreciation of the exciting growth opportunities ahead for EML in a world rapidly transitioning to digital payments,” he said.

He said the company owed a vote of thanks to Cregan who had been with the company for a decade.

“He has tirelessly led the company from a small technology business in Australia to a diversified payments leader operating in 32 companies,” he said.

“Without Tom’s deep payments knowledge drive and commitment, EML would not be what it is today.”