Tingo Group, Inc. (NASDAQ: TIO), a prominent fintech, agri-fintech, and food company, has announced the return of Dozy Mmobuosi to the helm of the organization as an interim Co-Chief Executive Officer. This decision comes following the retirement of Darren Mercer, who led the company through transformative acquisitions and a rigorous investigation into allegations made by short seller Hindenburg Research.
Darren Mercer, who had originally planned to step down as Chief Executive following the merger of MICT and Tingo, Inc., postponed his departure due to changes in the merger structure and further delays caused by the Investigation. However, he has now decided to retire to spend time with his young family and to coincide with his milestone birthday.
Dozy Mmobuosi, the founder of Tingo Foods Plc and Tingo Mobile Limited, brings over two decades of experience and a unique perspective to his role as interim Co-Chief Executive Officer. Under his leadership, Tingo Mobile Limited has become one of Africa’s leading agri-fintech companies.
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Joining him as an interim Co-Chief Executive Officer is Kenneth Denos, who has been a director of Tingo since its acquisition of Tingo Mobile in November 2022. Denos also has extensive experience with U.S. public companies and governance, making him a valuable addition to the leadership team.
In addition to these appointments, Jamal (Jamie) Kurshid has been appointed as an independent member of the Board of Directors. Kurshid brings over 20 years of investment banking experience and executive roles in technology, digital payments, and fintech sectors. His expertise will be instrumental in guiding the company’s strategic direction.
As part of these changes, Deputy Chairman John Scott will assume the role of Chairman, and Sir David Trippier will expand his role as an independent member of the Board to Chair the Audit Committee.
Darren Mercer expressed his gratitude for his time as Chief Executive Officer and the company’s growth during his tenure. He emphasized the need for a CEO with expertise in relevant sectors and geographical markets to guide the company’s unlimited potential.
John Scott, Chairman of Tingo Group, thanked Mercer for his contributions and welcomed the new leadership team, including Dozy Mmobuosi and Kenneth Denos, into their roles.
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Dozy Mmobuosi acknowledged Mercer’s contributions and expressed excitement about the company’s future. He highlighted the significant increase in cash balances and progress toward delivering dividends to shareholders.
Kenneth Denos echoed the sentiment of building on Mercer’s foundations and thanked him for his dedication to the company.
Tingo Group, Inc. is a global fintech and agri-fintech group with operations in Africa, Southeast Asia, and the Middle East. The company, through its subsidiaries like Tingo Mobile, offers innovative products and services, contributing to its substantial growth and shareholder value.
The company’s future endeavors, including expanding internationally, launching food processing facilities, and increasing dividend payments, signal a promising trajectory for Tingo Group, Inc. Under the leadership of Dozy Mmobuosi, Kenneth Denos, and Jamie Kurshid, the company aims to continue its remarkable journey in the fintech and agri-fintech sectors.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard