New York, NY – JPMorgan Chase has brought back former global chief compliance officer, Frank Pearn, out of retirement to assist the bank in asserting its rights as a major shareholder in Greek payments fintech Viva Wallet. This comes after disputes between the two companies led to a series of lawsuits. Pearn, who retired from JPMorgan a year ago, has joined the Viva Wallet board as a nonexecutive director, signaling an increased level of oversight by JPMorgan over the governance of Viva Wallet.
The disagreements between JPMorgan and Viva Wallet arose after the bank acquired 48.5% of the fintech for $800 million in late 2022. With Pearn’s appointment to the Viva Wallet board, it’s clear that JPMorgan is taking proactive measures to ensure its rights and interests are safeguarded in the partnership.
Pearn’s wealth of experience as the former top financial and legal risk manager at JPMorgan makes him a valuable addition to the Viva Wallet board. His expertise will be crucial in addressing the challenges and discrepancies that have emerged between the two companies. Additionally, his role as a nonexecutive director signifies his potential to provide an impartial perspective in resolving the issues at hand.
The decision to bring in Pearn reflects the importance JPMorgan places on its investment in Viva Wallet and the desire to effectively manage its stake in the fintech company. It also signifies the bank’s commitment to addressing any governance issues that may impact its investment.
As Viva Wallet continues to grow and expand its presence in the fintech industry, having Pearn’s guidance and oversight will likely prove to be beneficial for both companies. The appointment underscores the importance of corporate governance and the need for effective oversight in business partnerships, especially in the rapidly evolving fintech sector.
Pearn’s return from retirement to take on this role demonstrates the significance of the issues at hand and the level of attention JPMorgan is dedicating to protecting its interests in Viva Wallet. As the situation unfolds, it will be interesting to see how Pearn’s involvement influences the dynamics between JPMorgan and Viva Wallet, and how it shapes the future of their partnership.