Takeovers Panel president Vickki McFadden, Madman chairman Brett Chenoweth join eftpos board

Eftpos on Thursday welcomed two new independent directors, former Managing Director of Investment Banking at Merrill Lynch Vickki McFadden, and former CEO of APN News and Media Brett Chenoweth, to its board.

McFadden and Chenoweth replace eftpos Independent Chair Bruce Rathie and Independent Director Vicky Papachristos, who both decided not to stand for a re-election at the end of their terms in November 2015.

“Eftpos is delighted that Vickki McFadden and Brett Chenoweth have joined the Board at this important time in our Company’s history,” said eftpos Managing Director Bruce Mansfield. “They both bring important skills and experience that will help guide eftpos.”

Currently President of the Takeovers Panel and an Executive Committee member at UNSW School of Business, McFadden has years of boardroom experience and said she was excited to help steer eftpos in a rapidly growing payments industry.

“2016 is going to be an important year for eftpos as it introduces new products and services into the market and is able to compete on new platforms such as Online, Mobile and Contactless for the first time,” McFadden added.

Chenoweth, who left APN in February 2013 after disagreeing with major shareholders about capital raising plans, said he was pleased to be joining the Board as it transitioned into new high growth sectors of the payments value chain.

“While eftpos has been a well recognised brand in Australia for 30 years, it is now moving into digital payments and into multiple new frontiers, including partnering with some of the world’s most innovative companies in the payments sector.”

Eftpos accounts for over 2.3 billion CHQ and SAV transactions in 2015, worth more than $140 billion.

PayPal in November became the fourth new eftpos member, joining ING Direct, Tyro and international multi-channel payments company Adyen.