Daniel Mackinnon resigns from Cornerstone FS Board
Cornerstone FS Plc (LON:CSFS), a cloud-based provider of international payment, currency risk management and electronic account services to SMEs, announces that Daniel Mackinnon has tendered his resignation from the Board effective 1 November 2022.
Mr Mackinnon is a corporate financier. After graduating from the University of Oxford, he began his career with Rothschild working as an analyst in the Consumer, Real Estate and Healthcare teams. He then joined Emerald Investment Partners as Investment Director, working in a small team alongside the founder to originate, structure and execute a variety of transactions across multiple sectors, jurisdictions and public as well as private markets.
He co-founded real estate investment firm Song Capital in 2021. Amongst other acquisitions, Song acquired a portfolio of 95 pubs from brewer SA Brains for c.£100m in May 2022.
Also today, Cornerstone FS announced the appointment of Simon Bullock and John Burns as Independent Non-Executive Directors, with immediate effect and from 1 December 2022 respectively.
Simon Charles Bullock has over 30 years’ experience in CFO and other finance roles in public and private companies operating in the UK and internationally. He began his career at blue-chip companies, Mars and General Electric, where he held various financial positions up to CFO level. Since then, he has worked in strategic and operational CFO roles primarily for technology and financial services businesses. This includes Caxton FX Limited, a provider of foreign exchange, international payments and prepaid cards, AIM-quoted Bonhill Group Plc, Merit Group Plc and Aurasian Minerals Plc. Mr. Bullock, who is a Chartered Management Accountant, will assume the role of Chairman of the Company’s Audit Committee as well as joining the Remuneration Committee.
John Duncan Burns has over 40 years’ experience in the payments industry ranging from practical payments management to legal advisory to regulatory and legislative policy development. In particular, he has undertaken substantial work regarding the introduction of the European Union’s Payment Services Directive in 2007, including being involved in negotiations as a member of the European Payments Council Experts Group and the Commission’s Payment Systems Market Experts Group and supporting its implementation into UK law after having joined the Financial Services Authority (now FCA) in June 2008.
Prior to joining the Financial Services Authority (FSA), he spent eight years at the Association for Payment Clearing Services and the Payments Council where he was Legal Adviser and Company Secretary to the UK clearing companies. Other experience includes various positions with Clydesdale Bank Plc and Lloyds Banking Group. Mr Burns is currently Managing Director, Payment Services with Compliancy Services Limited. It is intended that Mr Burns will assume the role of Chairman of the Remuneration Committee as well as joining the Audit Committee.
Gareth Edwards, Cornerstone Chairman, said:
“We are delighted to welcome Simon and John to Cornerstone. They bring significant and complementary experience and expertise that will be invaluable in guiding our growth. These appointments also enhance the Board’s independence and governance structures, which will ultimately be beneficial to our shareholders.
In addition, I would like to thank Daniel Mackinnon for his contribution to the Board since joining us at the IPO. We wish him every success in his future endeavours.”