Alpha FX taps ex-LSE finance chief Tim Powell

Corporate financial service provider Alpha FX announced the appointment of Tim Powell as chief financial officer and an executive director of the board on Wednesday.

The AIM-traded firm said Powell would succeed Tim Kidd, who would step down as CFO in line with his retirement plans announced on 19 January.

Powell would join the Board on 1 December, when Kidd would be stepping down from the board, although he would continue to support the company as part of a transition arrangement up to the full-year results next March.

“Tim Powell's appointment followed a meticulous selection process, and the advance notice of Tim Kidd's retirement gave us the opportunity to cast the net far and wide and conduct a thorough and detailed search for his replacement,” said chief executive officer Morgan Tillbrook.

“We were very impressed with the calibre of the candidates, a reflection of Alpha's growing reputation, and I would like to sincerely thank all of the individuals that we met along the way.

“Alongside his CV, Tim Powell's authenticity, honesty and humility stood out, characteristics which our outgoing CFO Tim Kidd also has in abundance, and which have made him such a joy to work with over the last seven years.”

Alpha FX said Powell would bring more than 20 years of experience working in “high-quality, fast-growing” public companies, with 17 of those years at the London Stock Exchange Group.

He was CFO of the LSE Group’s largest subsidiary, London Stock Exchange, and was finance lead for the $27bn acquisition and integration of Refinitiv.

Powell was responsible for functions covering a cost base of more than £800m, with over 13,000 employees, while the LSE Group grew its income to over £7bn, with a more-than-£40bn market capitalisation.

Alpha FX said Powell is a Chartered Accountant, who began his career at CLB Littlejohn Frazer and BT Group, before joining the LSE Group in 2005.

“Alpha is a company with an exciting future and I am delighted to be joining at this stage in its journey,” said Tim Powell of his appointment.

“It is a company with strong foundations, a solid track record and huge amounts of ambition, and I am looking forward to working closely with the team to deliver on the opportunities ahead.”

At 1142 BST, shares in Alpha FX Group were up 1.64% at 1,738p.

Reporting by Josh White at Sharecast.com.