Shopify to lose three of its top seven executives

Three of Shopify Inc.’s top seven executives shall be leaving within the coming months, the Canadian e-commerce firm’s chief govt mentioned Wednesday.

In a blog post, CEO Tobi Lutke mentioned 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 mentioned. “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 9 years. Lutke took over that place himself.

Lutke didn’t say Wednesday who would exchange 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.”

Ottawa-based Shopify

is Canada’s most precious publicly traded firm, with a market cap round $154 billion as of Wednesday’s shut. Its shares have surged 137% over the previous yr, although are down 1.7% over the previous three months as buyers have cashed in on features from pandemic highs. On March 31, Stifel analyst Scott Devitt initiated protection on Shopify, ranking it a purchase with a worth goal of $1,200, saying it’s “positioned for sustainable growth.”

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