Splitit share price higher despite co-founder exit

The Splitit Ltd (ASX:SPT) share price is pushing higher on Tuesday despite announcing the resignation of its co-founder…

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The Splitit Ltd (ASX: SPT) share price is pushing higher on Tuesday after announcing sweeping changing in the boardroom.

At the time of writing the buy now pay later company's shares are up 2.5% to 66.5 cents.

What did Splitit announce?

This morning the Afterpay Ltd (ASX: APT) rival revealed that its chief executive officer, Brad Paterson, has been appointed to the board as its managing director. Splitit has also appointed Jan Koelble as an independent non-executive director.

Brad Paterson was appointed as the company's chief executive officer on October 1. He has more than 20 years of executive and leadership experience at some of the world's leading fintech companies. This includes PayPal, Visa, and Intuit.

Jan Koelble has extensive experience in investment management, risk management and global capital markets. He is currently COO and co-founder of Clade, a private network of family offices and institutional investors based in New York.

Splitit's chairman, Spiro Pappas, said: "We are delighted to have Brad join the Board, in recognition of his great contribution to the business in such a short period of time. In addition, Jan's deep knowledge of investment and risk management will be extremely valuable, as will his expansive global investor network and US experience. Along with Dawn Robertson, we now have three high calibre Directors based in the US – our largest and most important target market."

Co-founder heads to the exits.

Leaving the company will be Splitit's co-founder and EMEA general manager, Gil Don. He will be followed out by non-executive director, Michael DeFranco. They have both resigned from the board with immediate effect.

According to the release, Mr Don and Mr DeFranco have left to pursue new opportunities. At the last count, Mr Don owned 12,771,294 of the company's shares. It is unclear whether he intends to hold onto these or offload them following his exit.

Chairman Spiro Pappas said: "I would like to thank Splitit's Co-Founder, Gil, for the critical foundational work that he has done over the years to drive Splitit's success. We wish him all the very best for his future endeavours. The Board also thanks Michael for his valued contribution since the time of the Company's ASX listing, and we also wish him well."

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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