Leadership Evolution: Zafin Announces Strategic CEO Transition to Propel Future Growth

Al Karim Somji to Transition Leadership to Charbel Safadi as Part of Zafin's Long-Term Success Strategy

VANCOUVER, British Columbia, April 24, 2024 (GLOBE NEWSWIRE) -- Zafin, the leading provider of SaaS core modernization and transformation solutions for banks, today announced a strategic leadership transition that has been part of the company’s long-term success plan. After more than two decades of exemplary leadership, Al Karim Somji will step down as Chief Executive Officer of Zafin. He will continue to serve as an ongoing member of the Board of Directors.

As a founder of the Company, Al Karim has been pivotal in shaping Zafin's success, leaving a lasting legacy of excellence and innovation. Under his stewardship, Zafin has experienced significant growth and success, reinforcing its status as a leader in global banking technology.

As an active board member and substantial owner, Al Karim will provide essential insight and guidance to ensure a smooth leadership transition. His extensive experience will continue to influence Zafin's strategic direction.

Charbel Safadi, who has served as Group President of Zafin, will succeed Al Karim as the new Chief Executive Officer, effective immediately. With a proven track record of leadership, a passion for driving change, and a comprehensive understanding of Zafin's operations and culture, Charbel is ideally positioned to propel the Company into its next phase of growth and success.

Reflecting on his tenure, Al Karim expressed his gratitude, stating, "It has been a remarkable journey and an absolute privilege to lead Zafin through its many milestones and successes. I am extremely proud of our accomplishments over the last two decades—from our original vision to revolutionize the financial services industry to elevating Zafin to a category of its own in core modernization and transformation solutions. Today, Zafin is uniquely positioned as a leader in the global banking technology landscape. I want to extend my deepest appreciation to my co-founders, Anugopal Venugopalan and Dinesh Krishnan, whose ongoing leadership continues to drive our vision forward. Together with the unwavering dedication of our entire team and the trust of our valued customers, we have set a solid foundation for sustained innovation and growth. I am confident and fully trust in Charbel’s vision and capabilities to continue steering Zafin toward groundbreaking solutions that enable banks to stay ahead of the curve, achieving sustainable growth and continued excellence in an ever-evolving banking landscape.”

Mohit Agnihotri, Partner at Nordic Capital Advisors and Board Member of Zafin, conveyed his confidence in the transition, stating, “On behalf of Nordic Capital and the Zafin Board, I extend heartfelt thanks to Al Karim for his significant contributions to Zafin. Under his leadership, Zafin has established a robust track record of success. We eagerly anticipate continuing our collaboration with Karim, Charbel, and the extended leadership team as we enter the next stage of the Company's growth.”

Charbel Safadi remarked, “Al Karim has been an exceptional leader, and Zafin has thrived under his vision and dedication. I am honored to guide Zafin into its next chapter of growth. We will continue to build upon Zafin’s solid foundation, focusing on sustainable revenue growth and profitability, while delivering ongoing value to our customers and employees worldwide.”

About Zafin:
Founded in 2002, Zafin is a leading provider of SaaS core modernization and transformation solutions offering an integrated platform and capabilities that simplify operations and enable increased revenue, profitability, and enhanced customer experiences for top banks worldwide. Our platform enables business users to work collaboratively to design and manage pricing, products, and packages, while technologists streamline core banking systems. 

With Zafin, banks accelerate time to market for new products and offers while lowering the cost of change and achieving tangible business and risk outcomes. The Zafin platform increases business agility while enabling personalized pricing and dynamic responses to evolving customer and market needs. 

Zafin is headquartered in Vancouver, Canada, with offices and customers around the globe including ING, CIBC, HSBC, Wells Fargo, PNC, and ANZ. For more information go to www.zafin.com.

Media Contacts:
Uproar PR for Zafin
Julia Cappiello