Revolut loses two more financial execs a month after losing CFO
Just one month after losing its chief financial officer (CFO), UK challenger bank Revolut is set to lose two more of its senior financial executives, Financial News reports.
The $5.5 billion-valued start-up will see deputy chief financial officer, Stefan Wille, and interim head of finance, Anna Borzenko, leave after roughly 12-month tenures.
Both joined in the summer of 2019. Previously, Wille had spent a year at Credit Suisse and two years at German challenger bank N26, whilst Borzenko had spent half a year at ClearBank after an eight-year-long career at Canada’s RBC.
Revolut told Financial News that Borzenko was a short-term contractor who has completed her contract, and that they are looking to replace Wille.
It also said that this sort of staff turnover is natural for a company of Revolut’s size.
Just last month, the challenger bank lost its CFO David MacLean, who also joined Revolut last summer, having previously served as finance director at Metro Bank for three years.
MacLean cited “personal reasons” for ending his tenure just six months into the role. He has been replaced by former CFO of Standard Life Aberdeen (SLA) Bill Rattray.
Rattray spent more than 30 years working alongside Martin Gilbert, who left SLA to become Revolut’s first chairman at the start of the year.
Revolut is going through a period of hyper-growth, with an ambitious expansion trajectory and a determination to make a profit by year end despite the economic hit of coronavirus.
Financial results from 2018 suggest the challenger still has a long way to go to reach profitability, with its losses for that year coming to £32.9 million despite quadrupling its revenue to £58.2 million the same year.
And with rapid growth has come a notably high executive staff turnover. Earlier this month, Revolut’s head of wealth and trading André Mohamed left just nine months after the bank launched its stock trading feature.
And last November, the bank lost its chief information security officer Dinis Cruz just two months after he was appointed.
As the challenger battles to survive throughout coronavirus, staff have been offered a scheme which lets them swap their salary for shares in Revolut. Staff can swap £1 of their salary for every £2 of share options in the company.
So far, no staff have been furloughed at the bank.