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TheStreet Open House

Planet Payment Appoints Carl J. Williams As Chief Executive Officer

Stocks in this article: PLPM PPT

LONG BEACH, N.Y., Feb. 19, 2014 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of international payment and transaction processing and multi-currency processing services today announced the appointment of Carl J. Williams as Chief Executive Officer, effective February 19, 2014.

Carl Williams, a member of the Board of Directors and the Company's President since November of 2013, has been asked by the Board to also serve as CEO. Williams succeeds Philip Beck, who will continue as Chairman of the Board.

Cameron McColl, a Planet Payment Director said, "Under Philip's leadership, the Company has built a leading payment and transaction processing platform, operating in 22 countries. We greatly appreciate his efforts and dedication for the last 15 years and look forward to his continuing guidance. We are excited that Carl is taking on the CEO role and believe that he will help us execute our strategic plans and take the Company into the next phase of its growth."

"Although I have only been a part of the Planet Payment management team for a few months, I have grown even more impressed by the talent and passion our team members possess," said Carl Williams, Chief Executive Officer and President of Planet Payment. "I look forward to working with our team members and the Board to plot a course for long-term growth and prosperity."

In accordance with the terms of the Long-Term Incentive Restricted Stock Agreement entered into in 2011, 320,250 shares issued to Mr. Beck pursuant to that Agreement were automatically cancelled on February 19, 2014. Following the cancellation Mr. Beck is interested in a total of 2,156,822 shares of Common Stock representing approximately 3.5% of the issued and outstanding shares of Common Stock (including the outstanding shares of Series A Preferred Stock on an as converted to Common Stock basis).

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