Zip Co Ltd (ASX: ZIP) shares are under pressure on Monday.
At the time of writing, the buy now pay later (BNPL) provider's shares are down 5% to 30.4 cents.
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Why are Zip shares taking a dive?
Investors have been hitting the sell button today after the company announced the exit of its chief financial officer (CFO).
According to the release, Martin Brooke is stepping down from his role on 29 September after almost seven years.
Judging by the performance of Zip's shares today, investors appear a touch concerned with Brooke's decision to exit at a time when the company is attempting to transition from a loss-maker into a profitable business.
The good news is Zip has already found its new CFO thanks to an orderly succession planning process. The release reveals that Gordon Bell will commence in the role on 2 October after an initial handover period. Mr Brooke will also remain available to Zip for a period of time to ensure a smooth transition.
Who is Zip's new CFO?
Zip highlights that Gordon Bell is a highly credentialed financial executive with more than 25 years of experience in financial services, capital markets, and senior funding and liquidity roles.
He spent seven years at Westpac Banking Corp (ASX: WBC) in roles including as the general manager group finance, chief financial officer of the Business Division and as managing director in Group Treasury.
Prior to this, he spent 10 years with the Barclays Group in various roles including managing director and treasurer, Asia Pacific, and as the chief financial officer for Japan, Greater China, and Australia.
Zip's managing director and CEO, Cynthia Scott, was pleased with the appointment. Scott said:
We look forward to welcoming an executive of Gordon's calibre and experience to Zip's group executive team. His track record of deep financial services and capital markets experience and demonstrated financial and people leadership skills will help us execute on our strategy and deliver valuable returns for all stakeholders. I want to thank Martin for the many years of service he has given Zip and the significant contribution he has made during that time. We wish him all the best for his next chapter.
