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UK Fintech Wise’s Shares Drop Amidst CFO Exit and Recent CEO Sabbatical

CNBC | Ryan Browne | May 22, 2023

Unsplash Nick Fewings Change - UK Fintech Wise's Shares Drop Amidst CFO Exit and Recent CEO Sabbatical

Image: Unsplash/Nick Fewings

Wise CFO Matt Briers to Exit Amid CEO Kaarman's Sabbatical - Shares Slide for British fintech giant

  • Leadership Transition:
    • CFO Matt Briers' announced departure from Wise in March 2024, along with CEO Kristo Kaarman's extended sabbatical, marks significant leadership changes at the British fintech firm. Briers, who led Wise from a start-up to a publicly-listed fintech titan, emphasises a bright future ahead for the company despite his exit.
    • CTO Harsh Sinha will assume interim CEO duties during Kaarman's sabbatical. Sinha's experience at PayPal and eBay positions him well for this role. As Jefferies analysts speculate, this could potentially lead to a permanent CEO role for Sinha, with Kaarman taking on a broader role as executive chairman upon his return.

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  • Share Price Impact:
    • Wise shares dipped more than 4% after Briers' departure announcement, reflecting investor concern.
    • Analysts from Jefferies see this leadership shakeup as a possible mid-term positive development for Wise shares, which have recently underperformed in the broader European payments and fintech sector.

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