PARIS, July 30 (Reuters) - French voucher and prepaid card provider Edenred said on Thursday it had found a new chairman and chief executive but would not be making the name public until September.
The announcement came a day before current boss Jacques Stern was due to quit Edenred and take over as head tax-free shopping business Global Blue, a Switzerland-based company. .
Edenred said that Nadra Moussalem, Executive Director of shareholder Colony Capital and a member of Edenred’s Board of Directors, would run the company until the new and unnamed chief takes up the role in November.
The company said the mystery appointee had “already held the position of chairman and chief executive officer”.
Stern, who has won plaudits for his leadership since the company was spun off from hotels group Accor in 2010, surprised investors in May when he said he would leave on July 31, before completion of Edenred’s “Invent 2016” strategy plan.
Edenred sells prepaid meal vouchers that employers offer as a benefit to workers, but its development of products such as fuel cards aims to tap a sector that is growing faster than other employeee benefits as companies seek to control business expenses more effectively.
The company is also accelerating its shift from paper-based vouchers to digital cards to cut costs.
Edenred, which has about 6,000 employees, achieved revenue of 1 billion euros last year, has a market value of 5.2 billion euro and competes with caterers Sodexo and Compass , as well as credit card networks MasterCard and Visa.
Last week Edenred said it expected higher full-year 2015 operating profit despite a more challenging economic climate in its key market of Brazil as growth in its European business would further accelerate.
Edenred’s two largest shareholders are U.S. pension fund Capital Group Compagnies with a 16.3 percent stake and U.S. real estate investment fund Colony Capital with 11.1 percent.
Reporting by Dominique Vidalon; Editing by Andrew Callus