Why the Pushpay (ASX:PPH) share price is under pressure

The Pushpay share price has started the week in the red…

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The Pushpay Holdings Ltd (ASX: PPH) share price has come under pressure on Monday.

In late afternoon trade, the donation and community engagement platform provider’s shares are down 2.5% to $1.58.

Why is the Pushpay share price under pressure?

The catalyst for the weakness in the Pushpay share price on Monday has been the exit of a key member of its executive team.

According to the release, the company’s Chief Financial Officer, Shane Sampson, has resigned to accept a new opportunity at another ASX-listed company, Serko Ltd (ASX: SKO). Mr Sampson will be leaving the company on 1 October 2021.

Pushpay’s CEO, Molly Matthews, commented: “On behalf of the Pushpay team, I would like to thank Shane for his dedication and commitment to the Company over the past six years. During his tenure, Shane has been instrumental in driving the increased sophistication of the Company’s financial reporting, and the scaling of our finance operations across the US and New Zealand.”

“As an invaluable member of our Executive Leadership Team, Shane played an integral role in the acquisition of Church Community Builder and successfully combining the financial reporting of the two organisations. We are extremely grateful for Shane’s leadership and support, and wish him all the best with his future endeavours,” she added.

Pushpay revealed that it has begun an executive search to appoint a new Chief Financial Officer who will be based in the company’s US office. It plans to advise the market in due course.

Pushpay’s loss is Serko’s gain

Serko CEO, Darrin Grafton, was pleased to be able to appoint Mr Sampson as the travel technology company’s new Chief Financial Officer.

He commented: “Serko is on a global growth trajectory, and we believe Shane brings the strategic, financial and commercial acumen needed to help lead our business through to the next phase. As well as being a technically skilled financial professional with a strong track record of developing high performance teams, he has the capability to add value from a broader commercial perspective and we’re excited to welcome Shane to our Executive team.”

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Motley Fool contributor 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 and has recommended PUSHPAY FPO NZX and Serko Ltd. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended Serko Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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