Canva CFO Damien Singh departs amid ‘inappropriate behaviour’ concerns

Canva’s award-winning chief financial officer Damien Singh has abruptly left the tech unicorn amid an investigation into ‘inappropriate behaviour’ raised online.

Former Canva CFO Damien Singh at his old office in Surry Hills, Sydney. Picture: Simon Bullard

Canva’s award-winning chief ­financial officer has abruptly left the company amid allegations of “inappropriate behaviour”.

Damien Singh, who led finances for the Australian tech darling for seven years, is understood to have suddenly stepped down from the role last week.

The Australian understands Mr Singh denies the allegations.

A Canva spokesman declined to reveal the nature of the allegations that surrounded Mr Singh’s resignation, but said it had a “zero-tolerance policy for inappropriate behaviour”.

It is understood that the $40bn graphic design company launched an investigation into Mr Singh after it became aware of concerning behaviour raised via an external online jobs platform.

Mr Singh stepped down before the investigation could be finalised.

“Creating a safe environment for everyone is our number one priority,” a Canva spokesman said.

“We have a zero-tolerance policy for inappropriate behaviour and we’re fully committed to thoroughly investigating and actioning any instances of this.”

The Australian attempted to contact Mr Singh prior to publication.

Canva has said that as it moves into a new chapter it is seeking a CFO with experience in growing public companies.

It is understood Mr Singh was already in talks to depart the company prior to concerns being raised over “inappropriate behaviour” online.

Mr Singh joined Canva in 2016 and helped the company reach $2bn in annual revenue, on the back of many changes, international expansions and the launch of an AI-powered product range.

Damien Singh at his office in Surry Hills.

Canva founders Melanie Perkins, Cliff Obrecht and Cameron Adams.

He was among the company’s earliest cohort of finance hires, a division that later exploded and led to Mr Singh leading a team of 200 people in financial planning, analysis, taxation and compensation.

Just months ago Mr Singh was a recipient of the Australian CFO of the Year, awarded the prize by CFO Magazine. It was an evening to remember for Mr Singh who said he was “honoured” and it was a night when a “core memory (was) unlocked”.

“I am nothing without my incredible finsquad team so it was great to share the success with them during an incredible evening,” he wrote on LinkedIn at the time.

He was grateful to the event’s organisers and sponsors who provided the opportunity “to recognise the unsung heroes of finance”.

Prior to Canva, he was finance director at marketing outfit REFFIND and held audit positions at PKF and Grant Thorton.

The news arrives just weeks after Canva exceeded expectations in a secondary share sale, which delivered $US1.5bn ($2.28bn), creating a bonanza to long-term staff and investors.

The sale, handled by Goldman Sachs, was initially expected to ­deliver $US1bn.

Canva is much admired across Australia’s start-up and venture capital scene, and often held up as an example of the kind of innovation Australia is capable of.

Talk of a potential IPO has floated around for years now, and while many speculate on what the future of the company will look like when it does eventually go public, its founders have said on several occasions they are in no rush.

Cameron Adams, a Canva co-founder and chief product officer, told The Australian earlier this month that an initial public offering would be a natural “evolution” for the company.

But he said Canva would take its time considering an IPO.

“We can’t and nor do we want to put a date on it. There’s nothing immediate. There’s no impending deadline or timeline that means we need to IPO,” he said.

“So if we are going to do one, we’ll do it under our own steam for our own good reasons, without any pressure being applied. So no plans there.”

Mr Adams founded Canva with Melanie Perkins and Cliff Obrecht more than a decade ago. Its design templates, which proliferate across businesses, school projects and social media accounts, are easily identified by their playful fonts and palettes, with the company amassing 170 million active users.

Mr Adams said the business has been profitable for the past seven years, and it has been able to maintain its $US26bn valuation over the past six months at a time when others have fallen.

“Tech valuations over the past 18 months took a real hit all around the world,” he said.

“I’ve been talking to existing investors and other finance folks in this world and the growth that we have shown at Canva just blows their mind.

“It impresses them when they’re thinking about other companies that they might invest in over the next couple of years.”

Originally published as Canva CFO Damien Singh departs amid ‘inappropriate behaviour’ concerns