Splitit co-founder Gil Don has decided to step down as chief executive of the buy now, pay later company, and will take up a new position as its general manager for Europe, the Middle East and Africa.
Brad Paterson, who is currently Splitit’s managing director for North America, will replace Mr Don from October 1.
Splitit chairman Spiro Pappas said that the board had always considered Mr Paterson, a former PayPal and Visa executive, as a successor to Mr Don.
“He has demonstrated strong operation and leadership capability and the Board has absolute confidence in his ability to lead the Company through its next phase of growth as we ramp up our global ambitions,” Mr Pappas said in a statement.
Mr Don founded Splitit in 2009 with Alon Feit, its chief risk officer.
“As CEO the demands on this time as well as travel commitments have been enormous, and moving to head up EMEA [Europe, the Middle East and Africa] will allow him to once again focus on growing the business in a key region,” Mr Pappas said.
Splitit shares were flat at 51.5 cents at 1155 AEST.