Cellulant’s Akshay Grover Exits, CFO Takes Over as Acting CEO

Akshay Grover, Cellulant CEO

Cellulant, the Kenyan-based payments company, has today announced that CEO Akshay Grover will exit the company due to personal reasons. His departure from the firm is effective January 2024.

“Grover has decided to leave to focus on personal matters,” the board shares in a statement. No further details about his departure have been revealed at the time of writing.

Grover, who initially joined the payments company in 2021 as the Chief Financial Officer, was appointed CEO in the same year. He has held the CEO position for nearly three years.

“Under his leadership, Cellulant has strengthened its position both on the African continent and internationally. His efforts have been pivotal in enhancing the Cellulant brand and driving the company’s strategic objectives,” the statement reads in part.

Following this development, the current CFO, Peter O’Toole will oversee the organization’s operations as he takes as Acting CEO. The company also adds that it’s in the process of strengthening its leadership team further with a “number of seasoned senior leaders with international and pan-African experience in the payment space.”

However, no timeline has been given on this, but we will update you with future developments.

Who is Peter O’Toole?

Peter O’Toole, Acting Group CEO, Cellulant

The recently announced Acting CEO, Peter O’Toole, joined Cellulant as the Group CFO in June 2023. He was initially tasked with overseeing strategic financial operations, driving the company’s financial success and operational efficiency.

Peter’s experience in banking, finance, payments, and technology spans over 30 years across Europe, the Middle East, and Africa. During this time, he has held various senior positions including CFO and COO in various organizations. This includes working as the Group CFO at Interswitch – a payments processing company, the CFO at Renmoney – a fintech based in Nigeria, the COO at MBU Education Group, and the Finance and Operations Director at Barclays Bank in Ireland.

Update January 4th: Added Peter O’Toole Bio.