-- Stern brings extensive experience in merchant solutions and digital payment technologies, most recently as CEO of Edenred SA
EYSINS, Switzerland, May 18, 2015 /PRNewswire/ -- Global Blue, the leading provider of traveller commerce solutions including tax-free shopping and dynamic currency conversion, today announced the appointment of Jacques Stern as Chief Executive Officer, effective 1 August 2015. Mr. Stern joins with a wealth of experience in merchant solutions and digital payment technologies from his post as Chairman and CEO of Edenred (Euronext: EDEN.PA), and previously in the travel and tourism sector from his time as a senior executive at Accor, the leading global hotelier. Mr. Stern also has served as a non-executive director on the Board of Global Blue since April 2014, providing him with insight into the company and ensuring a smooth transition to an executive role.
Mr. Stern follows Mr. David Baxby who, after a successful CEO tenure, will transition to a new position as Strategic Advisor to the Board and remain a meaningful personal investor in Global Blue. In his operating role, Mr. Baxby advanced the company in a number of ways, including by recruiting and retaining top talent and launching new growth initiatives. The board commented: "We would like to thank David for his contributions, which have resulted in reacceleration of Global Blue's growth. His focus on enhancing the traveller experience, developing data analytics solutions, and expanding the company's geographic footprint notably in Asia, will benefit Global Blue for years to come."
Mr. Stern brings to Global Blue over two decades of highly relevant experience, most recently as Edenred's Chairman and CEO. Edenred is the world leader in prepaid corporate services, which include the Ticket Restaurant® voucher system and numerous other technology-enabled programs in employee benefits, expense management, and loyalty rewards. After leading Edenred's spin-off from the global hotelier Accor and IPO in 2010, Mr. Stern drove impressive growth across both established markets like Western Europe and emerging markets like Latin America. Edenred is now a global leader in 42 countries with more than 6,000 employees, nearly 660,000 corporate and public sector clients, 1.4 million affiliated merchants, and 41 million beneficiaries. Edenred's market value has grown meaningfully to more than €5 billion under Mr. Stern's leadership, and he is credited with driving digitisation and developing innovative solutions for Edenred's ecosystem. Prior to Edenred, Mr. Stern spent nearly two decades at Accor – the leading global hotelier – in various roles, including as Chief Financial Officer, and previously as Executive Vice President in charge of Strategy & Hotel Development and Purchasing & Information Systems.
"We are thrilled to welcome such a dynamic and accomplished leader to Global Blue," said the company's Board. "Jacques has a deep understanding of both merchant and consumer needs, industry expertise in both payments and tourism, and operating experience in established and emerging markets. He is a world-class executive with just the right background and track record to accelerate Global Blue's strategy and lead its talented employees."
Mr. Stern added: "Having followed Global Blue closely for over a year from a Board perspective, I recognised a unique opportunity to join a business that has both existing market leadership and tremendous growth potential. Introducing further digitisation and value-added services into the tax-free shopping process will benefit all of Global Blue's constituencies – merchants, travellers, governments, employees, and shareholders alike. I look forward to contributing to the company's already-strong management team and corporate culture."
Global Blue is owned by Silver Lake, the global leader in technology investing; Partners Group, the global private markets investment manager; and Global Blue's management team.
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About Global Blue
Global Blue, the leading provider of traveller commerce solutions, makes retail transactions between merchants and their foreign customers easier and more rewarding for everyone. Having invented the concept of Tax Free Shopping more than thirty years ago, Global Blue now offers a range of services that help consumers shop and spend wisely when they are in foreign countries, and help merchants and banks better serve this international traveller market. Global Blue works with over 270,000 affiliated retailers, shopping brands, and hotels in 43 countries and processes over 36 million transactions per year. The company's headquarters are in Eysins, Switzerland. For more information, please visit http://corporate.globalblue.com/about-us/.
SOURCE Silver Lake