Three of the top seven Shopify Inc. executives will leave in the coming months, the Canadian e-commerce company’s chief executive said Wednesday.
In a blog postChief Executive Officer Tobi Lutke said Talented Director Brittany Forsyth, Chief Legal Officer Joe Frasca and Chief Technology Officer Jean-Michel Lemieux “will begin to transition away from their current roles.”
“Each of them has their own reasons but what agree with all three is that this is best for them and best for Shopify,” said Lutke. “Each of them has completed two to three tours of their career at Shopify and have achieved amazing things that will endure as their legacy.”
In September, Product Manager Craig Miller also left the company, after nine years. Lutke took over the position himself.
Lutke did not say on Wednesday who will replace the departed executives.
“We need to remember that everyone will leave sometime and that’s all right,” he wrote. “We have an exceptionally strong leadership bench who will now step up to larger roles.”
Shopify is headquartered in Ottawa
is Canada’s most valuable publicly traded company, with a market cap of around $ 154 billion as of Wednesday’s close. Its shares have risen 137% in the past year, despite falling 1.7% in the past three months as investors have made money from the return of the pandemic high. On March 31, Stifel analyst, Scott Devitt has begun to cover up on Shopify, evaluating this as a buy with a price target of $ 1,200, saying it is “positioned for sustained growth.”