Tyro Payments has announced the departure arrangements for its chief executive officer, Jon Davey. Davey will leave the company on December 5, with Nigel Lee slated to take over the role in mid-January. During the five-week interim period, chief financial officer Emma Burke will serve as acting CEO.
The board reviewed Davey’s performance against the fiscal year 2026 KPIs and approved a prorated short-term incentive of $169,000, which equates to 67 per cent of his on-target amount. Furthermore, the board has decided to allow Davey’s fiscal year 2021 Medipass performance rights to continue vesting beyond his departure, ahead of the September 2026 test date. This decision acknowledges his contribution to the growth of the Medipass and Tyro Health businesses. The board will also accelerate and prorate the associated service rights, resulting in 267,857 of the 297,619 rights to vest.
However, all unvested fiscal year 2024 and 2025 long-term incentive rights, totalling over 2.5 million, will be cancelled upon his exit. Of his fiscal year 2023 long-term rights, 586,548 vested on November 24, while 695,503 have lapsed. Tyro Payments is a technology-focused company providing payment solutions and banking products to Australian businesses. Their offerings help merchants streamline transactions and manage their finances more efficiently.
Davey will receive all contractual entitlements up to his final day with the company. This structured transition aims to ensure continuity and stability as Tyro Payments moves forward with new leadership.
