Shopify names new COO and CFO

Shopify Inc is shaking up its executive team.

The Canadian company announced on Thursday the appointment of Kaz Nejatian, as chief operating officer, as well as Jeff Hoffmeister, as chief financial officer.

Nejatian, vice president of product, succeeds Toby Shannan, who is retiring from his role at the company. Shannan is expected to join Shopify's board of directors, effective January 1, 2023 and will serve as a special advisor through the end of the year.

As the vice president of product, Nejatian leads a cross-functional team that develops and delivers tools for entrepreneurs to supercharge their growth on Shopify. While undertaking his new role, Nejatian will remain VP of product.

Prior to joining Shopify, he co-founded and served as the CEO of Kash, a payment technology company, which was acquired in 2017 by one of the largest fintech companies in the U.S. He then served as product lead for payments and billing at Facebook.

"Kaz is the right person to succeed Toby Shannan in the chief operating officer role," said Tobi Lütke, founder and CEO of Shopify.

"Kaz is an innovative and strategic product leader who knows first hand what it means to make commerce better for everyone, which positions him ideally for this role. I would also like to thank Toby for his invaluable leadership and commitment to Shopify over the last decade. We look forward to continuing to benefit from his guidance as he transitions into his new role of special advisor and then board member in 2023.”

Likewise, Hoffmeister, succeeds Amy Shapero, who is stepping down following the company's third quarter 2022 earnings announcement on October 27, 2022.

Hoffmeister joins Shopify from Morgan Stanley, where he spent over two decades in its Technology Investment Banking group. Previously, he ran the firm's EMEA Tech Banking practice, as well as held various finance, auditing and M&A roles at other companies, including PricewaterhouseCoopers.

"As we position Shopify for the future, the addition of Jeff to our leadership team will continue to strengthen our ability to deliver value for our merchants, partners and investors. We are fortunate to benefit from his more than 20 years of investment banking experience in the technology sector, and his keen vision of the future of the industry,” Lütke added.

Shopify names new COO and CFO

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