Zip names Diane Smith-Gander as its new chair

Diane Smith-Gander joins Zip at a time of rapid growth, with plans she be ‘an important part of its future’.

Diane Smith-Gander has been appointed chair of Zip Co. Pic Colin Murty

Zip Co has named Diane Smith-Gander as its new chair, effective immediately, as outgoing chair Philip Crutchfield steps down after five years in the role.

Announcing the appointment on Monday, Zip co-founder and chief executive officer Larry Diamond said Ms Smith-Gander would be an important part of the company’s future.

“Diane is an experienced leader with a diverse background across finance, technology and banking,” Mr Diamond said.

“She will be an important part of Zip’s future as we strive to become the first payment choice everywhere and every day.”

Zip shares jumped 3.3 per cent to $7.51 in afternoon trade.

Speaking to The Australian from Perth, where she and millions of others are in a five-day lockdown, Ms Smith-Gander said she was excited about joining the buy now, pay later operator.

“It‘s a really innovative company, and it’s an Australian company that’s got a chance to be a global champion.

“Once I met people at Zip, I was really attracted by their passion and energy and the consumer story … Zip has got that in spades, so that‘s what excites me about the company,” she said.

Joining a rapidly growing, young company was also part of the appeal, she said.

“The only thing that keeps you relevant as a director is to be current. And so, of course, as a veteran director, the excitement of a company that still regards itself in that start-up and huge growth phase, and it clearly is in that phase, is very attractive. I feel, in a way, like I‘m starting again,” she said.

Ms Smith-Gander, who also serves as non-executive director of AGL and HBF, will focus her attention on governance and the company’s strategic approach to growth, she said.

A well-known advocate for gender equality, Ms Smith-Gander also resolved to get more women working at the payments company.

“I‘ll be focused on what to do going forward to make sure that it does become a real employer of choice for women in tech, and that we sort out the gender imbalance.

As the burgeoning buy now, pay later sector readies for further regulatory scrutiny, she said regulatory risk was always on a director’s radar.

“A good relationship with regulators is built on you having a good relationship with your customers, your suppliers, and understanding their needs; being fair and doing the right thing by them.

“During my due diligence on whether this was an appropriate directorship for me, I was very keen to understand how Larry and Peter, in particular, and of course the other directors, saw regulatory risk and the regulators, and whether they respect them,” she said.

They “absolutely respect” the role of the regulator, she said. “You can see that from the way the company has behaved. So I am not at all concerned that it is not going to be able to continue that great relationship with the regulators.”

Ms Smith-Gander joins the buy now, pay later operator at a time of fast-paced growth, with Zip last month reporting that it was the fastest growing industry player in Australia and a “true global BNPL leader”.

It saw an 88 per cent spike in December quarter revenue, to $102m, on the back of record transactions over the period of $1.6bn, up 103 per cent.

Ms Smith-Gander commenced in the role on February 1, with Mr Crutchfield staying on until March 31 to support an orderly transition.

Alongside her directorships at AGL and HBF, Ms Smith-Gander is also chair of the Committee for Economic Development of Australia and Safe Work Australia. She was a director of Wesfarmers for 11 years until November 2020.