Velizar will succeed Mark Horgan, who will step down after 12 years in the role. Mark will remain on the Board of Moneycorp and will assume the role of Deputy Chairman in early 2024.

Velizar has a long track record of successful execution in regulated financial services. Before joining Moneycorp in 2021, he spent more than a decade at Barclays in various leadership roles including Finance, Strategy and Technology.

Alan Bowkett, Chairman of Moneycorp, said:

"Today’s announcement marks a transition to the next generation of global leadership for Moneycorp to ensure it delivers its long-term strategic objectives.

"We are delighted that Velizar will lead the company into the future. Velizar is an established leader with an impressive track record of delivery. Since joining the Group, Velizar has been instrumental in the development and implementation of Moneycorp’s strategy, business model and culture, making him the perfect candidate to take the Group forward.

"On behalf of the Board, we thank Mark for his significant contribution to Moneycorp. Under his leadership the Group has transformed from a domestic, consumer focused, analogue provider of foreign currency to an international currency solutions and payments provider. We are fortunate that Mark will continue to provide counsel to Moneycorp in a non-executive capacity as Deputy Chair."

Mark Horgan commented:

"I hand over Moneycorp in excellent shape having overseen fundamental transformation in the size and scale of the business during my 12 years as CEO. I am very proud of all we have achieved together and am confident that the business will continue to go from strength to strength under Velizar’s leadership."

Velizar Tarashev said:

"It is a privilege to assume the responsibilities of CEO of Moneycorp. We have a well-established strategy, best-in-class people and an excellent client base which give us significant opportunities for further growth. I look forward to leading the business as it enters its next phase, executing our strategy and delivering strong results for all stakeholders."