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

The company is bolstering its management team.

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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.

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