Wise’s stocks dip amid CFO resignation

Shares of British fintech firm Wise experienced a slight decline on Monday following the announcement of management changes. Wise revealed that its Chief Financial Officer (CFO), Matt Briers, will be leaving the company next year, while CEO Kristo Kaarman will take paternity leave starting in September. The news led to a 3% drop in Wise’s shares.

In response to the CFO’s departure, Wise stated that an immediate and thorough search for a new CFO will begin. Meanwhile, Kaarman, who co-founded Wise, will take an extended sabbatical between September and December to spend time with his family. During this period, Wise’s Chief Technology Officer, Harsh Sinha, will assume the role of CEO on an interim basis.

Briers will step down as CFO in March 2024, after Kaarman’s return from his sabbatical, to fully recover from a cycling accident that occurred last year. Briers expressed his pride in Wise’s accomplishments and his excitement for the company’s future growth. Wise has defied expectations by achieving profitability while experiencing rapid expansion.

Briers’ departure follows the recent resignation of Revolut’s CFO, Mikko Salovaara, marking the second CFO exit in the UK fintech sector this month. Market analysts suggest that the management changes at Wise could have a positive impact on the company’s shares in the medium term. They speculate that Sinha may be promoted to the permanent CEO position, with Kaarman assuming the role of executive chairman to focus on driving the business forward.

Wise, which conducted a direct listing on the London Stock Exchange in 2021, has not indicated any plans for Kaarman to step down as CEO permanently.