Alex Gersh has been appointed as Paysafe’s CFO. Gersh has extensive experience in international financial leadership, having held CFO positions in a variety of public and private organizations on both sides of the Atlantic. Paysafe CEO Bruce Lowthers will have the CFO join the business on October 3.
Gersh has extensive experience in international financial leadership, having held CFO positions in a variety of public and private organizations on both sides of the Atlantic. Paysafe CEO Bruce Lowthers will have the CFO join the business on October 3, 2022.
Following the announcement that Rob Gatto would be joining as chief revenue officer, PaySafe hired Gersh as their latest senior leadership hire.
Gersh was going to leave the business for an opportunity in the US according to Sportradar’s Q2 results.
Gersh helped build the company’s finance function as well as leading its initial public offering on the stock exchange. He has experience working in the gaming sector, having worked as CFO at Betfair Group in 2012
After the merger of the betting exchange and Paddy Power, he continued as a board director and CFO at the new combined entity that would eventually become Flutter, the world’s largest online gambling conglomerate.
Bruce Lowthers, CEO of Paysafe, praised Gersh’s experience in a statement, saying, “Alex is a highly talented finance executive with a proven track record of driving growth for the international companies he has helped to lead.”
He will be a real asset to our team as we continue our path to accelerate growth and drive long term value for all of our stakeholders.
Gersh said, “Paysafe has a highly diversified and relevant digital payments offering in the specialized industries it focuses on, including gaming and entertainment.”
I have been fortunate to have worked for some of the biggest brands in these sectors and I look forward to bringing my knowledge and insights to my new role at Paysafe and being part of this ambitious company’s future growth story.
There was impairment in the second quarter
The business that the executive will be joining reported an operating loss of $669.4m in Q2 and an impairment charge of $656m. The fall in the company’s share price triggered an automatic re-evaluation of Paysafe’s assets, which resulted in lowering many of the goodwill estimates. A large one-time hit to business’s financials was caused by this.
Paysafe launched a new platform for high-rolling US players in that quarter.
Gersh is the new CFO of PaySafe who will be leaving later in the year.
Lowthers said, “I would like to express our sincere thanks to Izzy for his significant contribution to Paysafe during his time with the company and for his commitment to ensuring a smooth transition of responsibilities.”