“We respect Pascal Morosini’s choice to step down as CEO of i-Hub, and the members of the board of directors would like to warmly thank him for his unwavering commitment and contribution to the company’s development since its creation in 2017.” With the sobriety required for this type of communication, Claude Strasser--chair of i-Hub’s board and CEO of the Post--announced the departure of the executive “for personal reasons.”

He will be replaced by Stéphanie Noël, who has headed Victor Buck Services since 2021. She will take up her new position on 1 October, pending approval from the Luxembourg financial regulator CSSF.

i-Hub is a company specialising in the automation of “know your customer” (KYC) processes via a centralised solution for the secure digital storage of personal data and supporting documents for customers of financial institutions. It was set up by the Post and has, since 2022, been jointly owned by BGL BNP Paribas, Spuerkeess, Banque de Luxembourg and Bil.

This does not seem to have had a positive effect: according to the 2023 accounts, the company, which employs 80 people, recorded further losses of €7.5m, bringing the total to €28m since its creation. Last December, shareholders had to pay €10.6m into the pot, including €4.24m from the Post.

This article in French. Updated 18 July 2024 at 11:15am to clarify that the appointment is pending regulatory approval.