Splitit (ASX:SPT) share price edges lower amid leadership change

The company is bolstering its management team.

| More on:
Disappointed woman with her head on her hand.

image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key Points

  • Splitit shares slide regardless of company appointing experienced industry exec
  • Incoming CEO, Nandan Sheth to serve as CEO from 28 February
  • Current interim CEO, John Harper will oversee transition

The Splitit Ltd (ASX: SPT) share price is falling wayside along with the broader All Ordinaries (ASX: XAO).

The buy now, pay later (BNPL) company announced a leadership change after securing a seasoned payments industry executive.

At the time of writing, the Splitit share price is down 2.17% to 22.5 cents a pop. While marginally lower, this means that its shares have lost almost 12% in a week.

Splitit appoints new CEO

Investors are selling off the Splitit share price despite the company finding its successor for the top job.

In a statement to the ASX, Splitit advised it has appointed Nandan Sheth as its CEO, effective 28 February.

Mr Sheth brings a wealth of experience to the role, having served at a range of financial and technology organisations. This includes large payment companies, major banks, Fortune 100 companies and disruptive technology start-ups across North America and Europe.

Prior to joining Splitit, Mr Sheth held the position of Head of Global Digital Commerce and Head of Carat business at Fiserv.

His earlier experience includes serving as general manager at American Express and co-founding and scaling Harbor Payments and e-Debt.

Mr Sheth holds an MBA from the Cass Business School and a Bachelor of Science with Honours from City, University of London.

Interim CEO, John Harper who took the helm in August 2021 will stay on momentarily to ensure a smooth transition.

Splitit non-executive chair, Dawn Robertson commented:

Nandan brings more than 20 years of experience and a powerful network within the payments and fintech space to Splitit. Given his background and record of innovation, we're extremely confident that he can unlock the growth potential of the company.

At the same time, we thank John Harper for his leadership and guidance as Interim CEO. Having a veteran retail executive at the helm over the past six months has helped us better understand merchants' needs and expectations and develop our business in ways that help our partners take full advantage of the market opportunities in front of them.

About the Splitit share price

Over the past 12 months, the Splitit share price has fallen by around 80%, with year to date down 8%.

When zooming out, its shares traded for as little as 20.5 cents when COVID-19 hit in March 2020. However, just 5 months later, the company's shares zipped to a record high of $1.93 on 31 August, before tumbling down again.

Based on today's price, Splitit presides a market capitalisation of roughly $107.96 million and has 469.37 million shares outstanding.

Motley Fool contributor Aaron Teboneras owns Splitit Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on BNPL shares

Frustrated and shocked business woman reading bad news online from phone.
BNPL shares

Why is the Zip share price dropping today?

Let's see how this buy now pay later provider performed in April.

Read more »

A young woman smiles as she rides a zip line high above the trees.
BNPL shares

How Zip shares rebounded 45% from their 7 April lows to beat the ASX 200

Did you catch what happened with Zip shares in April?

Read more »

A young woman in a shop hands her credit card to the cashier.
BNPL shares

Up 41% in 3 weeks, should I buy Zip shares today?

Zip shares have been on a tear in April. Now what?

Read more »

A young woman smiles as she rides a zip line high above the trees.
BNPL shares

Zip share price rockets 15% on record cash earnings!

It’s a great day to own Zip shares today. Here’s why.

Read more »

A young woman in a shop hands her credit card to the cashier.
Share Gainers

Zip share price rockets 20% on $50 million buyback news

Zip shares are surging ahead of the company’s planned $50 million buyback.

Read more »

BNPL written on a smartphone.
BNPL shares

Down almost 40% this year, can Zip shares turn around?

Is it time to buy now or wait until later?

Read more »

A man looking at his laptop and thinking.
BNPL shares

Buy, hold, or sell: What's the verdict on Zip shares?

Time to buy the dip on Zip, or time to close the case for good?

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Earnings Results

Zip share price jumps 11% on record half year result

This buy now pay later provider has delivered another impressive result.

Read more »