Why it matters: Zip was once worth $6 billion as investors flocked to payments
Since then, a lack of profitability has seen its market capitalisation dive
As part of restructuring, its founder will move to run the local division
Zip has appointed Cynthia Scott as its new chief executive, with co-founder Peter Gray moving to head the buy now, pay later group’s Australian and New Zealand division.
Ms Scott, who was previously a chief executive of Barclays’ Australasian division, steps up from her role running Zip Australia to take the top job. The executive change comes amid a broader restructure of the company, where shares have reached $12.35 and a market capitalisation of $6 billion.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
