Pan-African payment gateway firm Cellulant has named Peter O’Toole, its Chief Financial Officer, as the interim CEO following the sudden departure of Akshay Grover, who assumed the role in October 2021.
In a statement released on Thursday, Cellulant explained that Grover is leaving his position to attend to personal matters, and the changes are effective immediately. Grover had initially taken on the acting CEO role just three months after joining Cellulant as CFO in January 2021 before being officially confirmed in October.
Grover’s departure represents a significant shift for Cellulant, succeeding the company’s co-founder Ken Njoroge, who resigned after an 18-year tenure. Cellulant acknowledged Grover’s impact, stating, “Under his leadership, Cellulant has strengthened its position both on the African continent and internationally. His efforts have been pivotal in enhancing the Cellulant brand and driving the company’s strategic objectives.”
Despite the leadership transition, Cellulant has affirmed its commitment to sustaining momentum and continuing its growth trajectory. The company also disclosed plans to enhance its leadership team further by bringing in seasoned senior leaders with international and pan-African experience in the payments sector. Additional announcements regarding these appointments are anticipated in the upcoming months.
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Peter O’Toole, the newly appointed acting CEO, joined Cellulant the previous year as CFO. With a wealth of experience exceeding 30 years in banking, finance, payments, and technology across Europe, the Middle East, and Africa, O’Toole is now entrusted with steering the strategic direction and expansion of the business during this transitional period.
