Shopify swaps two top executives, sparking speculation about company’s future

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While trying to rebound from an economic downturn, Shopify is replacing its chief financial officer and chief operating officer

She will be replaced by long-time investment banker Jeff Hoffmeister, who spent more than two decades at Morgan Stanley in its technology investment group.

Shopify also announced on Thursday that it has a new chief operating officer. Kaz Nejatian has been promoted into the role after serving as the company’s vice-president of product. He led the development and delivery of new amenities for the company’s nearly two million merchants, including Shopify Capital, a small-business loan service, and Shop Pay,Before joining Shopify in 2019, Mr. Nejatian was the lead product manager at Facebook.

ATB Capital Markets welcomed the change, telling clients in a note that while “CFO departures can be viewed as negative, given how depressed the stock is, we do not expect a significant impact.” Ms. Shapero has not yet revealed her plans for after she leaves Shopify. The company declined interview requests on behalf of its executives on Thursday.

 

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