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Highlights

  • Tyro Payments CEO Jon Davey announces resignation, triggering sharp investor reaction.

  • Shares fall 17% in early trade despite broader market gains.

  • Davey to remain in role for up to six months to support leadership transition.

Tyro Payments Ltd (ASX:TYR) shares have sharply declined on Thursday morning following the surprise resignation of its Chief Executive Officer and Managing Director, Jon Davey. As of writing, Tyro shares are trading down by 17% at 76 cents, contrasting with a modest 0.1% gain in the broader S&P/ASX 300 index.

The downturn in share price comes after the payments company informed the market that Davey has decided to step down from his executive position. According to the company, Davey has accepted a CEO role at a private equity-backed enterprise based in Melbourne, aligning with his place of residence. 

Although the announcement was unexpected, Davey will not be leaving the company immediately. Tyro has confirmed that he will remain in his current role for up to six months. This transition period is intended to allow time for the company to conduct an executive search and ensure operational continuity.

Davey’s tenure at Tyro has been relatively brief. He joined the company in 2021 through the acquisition of Medipass, where he served as CEO. In September 2022, he was appointed CEO of Tyro Payments. During his time at the helm, the company has navigated a number of operational and strategic shifts, but has also faced declining investor confidence. Since his appointment as CEO, Tyro’s share price has fallen approximately 80%.

Chair of Tyro Payments, Fiona Pak Poy, acknowledged Davey’s contributions in a statement to shareholders, highlighting his role in guiding the company through a “period of significant transformation.” She said Davey helped establish a high-performance culture and implemented focused execution strategies aimed at long-term objectives.

“Jon leaves the company in excellent shape,” said Pak Poy. “He has built a capable leadership team and initiated key growth plans for FY26 and beyond. These include expansion of our health payments business, growth in banking services, and entry into emerging sectors such as aged care and pet insurance.”