- Shopify Inc SHOP heralded critical leadership changes. It appointed Jeff Hoffmeister as CFO.
- Hoffmeister succeeds Amy Shapero, who resigned following the announcement of third-quarter 2022 results on October 27, 2022.
- Hoffmeister will join Shopify starting MorganStanley MRSwhere he worked in the Technology Investment Banking Group for over two decades.
- Shopify has promoted Kaz Nejatian, VP of Product, to the additional role of COO, effective immediately.
- Nejatian succeeded Toby Shannan, who is retiring from his role and is expected to join Shopify’s board of directors effective January 1, 2023.
- Shannan will serve as special counsel until the end of the year.
- Shopify reported revenue growth of 16% year over year to $1.29 billion in the second quarter of FY22, missing the consensus of $1.71 billion. Adjusted EPS loss of $(0.03) missed consensus of $0.03.
- Shopify looks like downsizing by 1,000 workers, or 10% of its global workforce, signifying a retreat from its pandemic bet on e-commerce growth.
- Founder and managing director Tobi Lütke justified the layoffs citing the resumption of old shopping habits and the withdrawal from online orders.
- Price promotion: SHOP shares traded 0.69% lower at $30.75 on the last check Thursday.
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