Payments giant Stripe debuffs General Motors CFO in latest high-profile hire

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Dhivya Suryadevara is appointed GM’s new CFO.Source: GM

Stripe grabbed General Motors CFO Dhivya Suryadevara as the payments startup bolsters its C suite amid a pandemic-triggered ecommerce boom.Suryadevara was named the automaker’s first female head of finance in 2018, leading it through a pandemic that has put pressure on GM’s finances this year as global factories were closed. At Stripe, she will need to balance “aggressive growth while maintaining the highest standards of discipline and fiscal responsibility,” Stripe said.

“Stripe’s mission to increase the Internet’s GDP is more important than ever,” Suryadevara said in a press release Tuesday. “I really enjoy running complex, large-scale businesses and hope to use my skills to help accelerate Stripe’s already steep growth trajectory.

Tuesday’s announcement follows a wave of recent high-profile hires at Stripe. The company poached Mike Clayville, of Amazon Web Services, to become the chief revenue officer of Stripe, and Trish Walsh, previously at Voya Financial, as general counsel.

GM has appointed John Stapleton, currently CFO for North America, as interim global CFO, effective August 15. Stapleton has been in his current role since 2014 and joined the company in 1990.

The automaker said it would conduct an internal and external search for a successor for Suryadevara.

“Dhivya has been a transformational leader in his tenure as CFO,” said Mary Barra, CEO of General Motors, in a statement. “She has helped the company strengthen our balance sheet, improve our cost structure, focus on generating cash flow and driving the right investments for our future. We wish him every success. “

Stripe’s booming growth

San Francisco-based Stripe offers software that enables businesses to accept payments online. Thousands of businesses, including Amazon, Slack, Glossier, Shopify, and Under Armor, use Stripe’s software tools. It is one of the most valuable private companies in Silicon Valley after a recent round of funding that took its valuation to $ 36 billion. The start-up has attracted investment from Elon Musk, Peter Thiel and Google’s venture capital arm, Capital G, among others.

Stripe has experienced tremendous growth during the pandemic as its revenue is largely tied to the growth in online shopping. In its latest G Series funding round, Stripe highlighted the Covid-19 epidemic “pushing the online economy” and said “several years of offline to online migration are being squeezed in several weeks ”.

The role of CFO would be a crucial place to fill before a public offering. Despite its booming growth and valuation, Stripe co-founder and chairman John Collison said the company had “no plans” to go public right away.

“We’re very happy as a private company,” Collison told CNBC in a telephone interview last year. “We are quite early in this opportunity. ”

Stripe is a six-time CNBC Disruptor 50 company and landed # 1 on the list in 2020.

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