8-K: REPAY CFO Tim Murphy Resigns to Pursue Private Equity Opportunity; Thomas Sullivan Named Interim CFO

Repay Holdings Corporation announces the resignation of CFO Tim Murphy, effective May 15, 2025, and the appointment of Thomas Sullivan as Interim CFO while the company searches for a permanent replacement.

Summary

• Repay Holdings Corporation (RPAY) announced that Chief Financial Officer Tim Murphy will resign, effective May 15, 2025.
• Murphy is leaving to pursue an opportunity outside of the payments industry with a private equity-backed company.
• Thomas Sullivan, currently the Chief Accounting Officer, will serve as Interim Chief Financial Officer upon Murphy's departure.
• The company will conduct an executive search for a new Chief Financial Officer.
• Murphy served as CFO since 2014 and helped guide the company through its public listing in 2019 and eleven acquisitions.
• Sullivan joined the company in November 2018 and has served as Chief Accounting Officer since September 2021.
• Prior to joining Repay, Sullivan was Vice President and Corporate Controller of GreenSky from September 2014 to November 2018.

Sentiment

Score: 6

Explanation: Neutral sentiment due to the announcement of a CFO departure, which is balanced by the appointment of an interim CFO and positive comments from management.

Positives

• The company has a plan for a smooth transition with the appointment of an Interim CFO.
• The Interim CFO, Thomas Sullivan, has been with the company since 2018 and has experience as Chief Accounting Officer.
• Tim Murphy helped guide the company to its successful public listing in 2019 while also completing eleven acquisitions during his tenure.

Negatives

• The company is losing its CFO, who has been with the company since 2014.
• The company will need to conduct an executive search for a new CFO, which could take time and resources.

Risks

• The transition to a new CFO could create uncertainty for investors.
• The executive search may not be successful in finding a suitable replacement quickly.
• Forward-looking statements are subject to business, economic and competitive uncertainties.

Future Outlook

The company is focused on conducting a search process for the right candidate to continue leading their financial organization.

Management Comments

• John Morris, CEO of REPAY, expressed gratitude for Tim Murphy's contributions to REPAY over the last eleven plus years.
• Tim Murphy stated he has nothing but respect and admiration for the organization and the people who have made his time there extremely meaningful.

Industry Context

The departure of a CFO to pursue opportunities with private equity-backed companies is not uncommon, reflecting the attractiveness of the payments industry and the demand for experienced financial executives.

Management Changes

Stakeholder Impact

• Shareholders may experience short-term uncertainty due to the CFO transition.
• Employees may be affected by the change in leadership.
• Customers and suppliers are unlikely to be directly impacted by this change.

Next Steps

• Repay will conduct an executive search for a new Chief Financial Officer.
• Thomas Sullivan will serve as Interim Chief Financial Officer.

Key Dates

Keywords

Chief Financial Officer, CFO, Repay Holdings Corporation, RPAY, Resignation, Appointment, Interim CFO, Executive Search, Tim Murphy, Thomas Sullivan, Payment Processing, Accounting