Shop Stock: Shopify to lose three of its top seven executives
Three of Shopify Inc.’s top seven executives will be leaving in the coming months, the Canadian e-commerce company’s chief executive said Wednesday.
In a blog post, CEO Tobi Lutke said Chief Talent Officer Brittany Forsyth, Chief Legal Officer Joe Frasca and Chief Technology Officer Jean-Michel Lemieux “will start to transition out of their current roles.”
“Each one of them has their individual reasons but what was unanimous with all three was that this was the best for them and the best for Shopify,” Lutke said. “Each of them has completed 2-3 tours of duty in their careers at Shopify and have achieved incredible things that will live on as their legacy.”
In September, Chief Product Officer Craig Miller also left the company, after nine years. Lutke took over that position himself.
Lutke did not say Wednesday who would replace the departing executives.
“We need to remember that everyone will leave at some point and that’s totally OK,” he wrote. “We have a phenomenally strong bench of leaders who will now step up into larger roles.”
is Canada’s most valuable publicly traded company, with a market cap around $154 billion as of Wednesday’s close. Its shares have surged 137% over the past year, though are down 1.7% over the past three months as investors have cashed in on gains from pandemic highs. On March 31, Stifel analyst Scott Devitt initiated coverage on Shopify, rating it a buy with a price target of $1,200, saying it’s “positioned for sustainable growth.”