Humm Group has announced a significant overhaul of its board leadership and governance structure. This shake-up comes as the ASX-listed buy-now-pay-later provider navigates a potential takeover by Credit Corp. To avoid any perception of conflict, Andrew Abercrombie has stepped down as chairman but will remain on the board as a non-executive director. Humm Group provides point-of-sale payment plans and finance for consumers and small businesses. The company operates primarily in Australia, New Zealand, and Ireland.
Effective immediately, Robert Hines has been appointed as the new chair. He will be responsible for overseeing Humm’s engagement with any change of control proposals, including the current situation with Credit Corp. The board shake-up precedes an extraordinary general meeting scheduled for February 19, after which the board will expand from five to six directors.
In addition to Hines’ appointment, chief executive Angelo Demasi will join the board. The company has also announced that the appointment process for an additional independent non-executive director is already well underway. These changes aim to strengthen the board’s expertise and ensure effective governance as Humm considers its strategic options.
