Zip changes its leadership structure

Zip changes its leadership structure

ASX-listed buy now pay later pioneer Zip Co have announced an update to Zip’s leadership structure.

The change reflects the company’s lifecycle and maturity and optimises the leadership structure to deliver on Zip’s strategic priorities and next stage of profitable growth. Importantly, it allows the founders to remain close to the business and their team of Zipsters, in line with their passion for disruption, innovation and getting things done.

Effective immediately, Cynthia Scott (pictured) will assume the role of Group CEO, overseeing Zip’s group operations and strategy. Ms Scott is a highly respected executive and has made a strong contribution as CEO of Zip’s Australia and New Zealand (ANZ) business, a role she has held since November 2021. She brings extensive experience in financial services, corporate strategy, capital markets and innovation to the position with previous roles including CEO of Barclays ANZ.

Zip Co-Founders, Peter Gray and Larry Diamond will assume the roles of ANZ and US CEOs respectively, to drive performance in Zip’s two core markets and the company’s next stage of sustainable growth and product innovation. Larry Diamond relocated to the US in October 2022 to lead the Zip business in North America, and will now exclusively focus on this region. He will continue to serve on the Board as an executive director. It is intended that Ms Scott will join the Board as Managing Director on 24 August 2023, with Peter Gray to act as a board advisor.

Zip Chair Diane Smith-Gander said, “Marking Zip’s tenth year of operation, the new leadership structure reflects Zip’s evolution and positions the Company well for its next chapter. Over the past 18 months Cynthia has demonstrated an excellent understanding of Zip’s business, its opportunities and values and has helped reset and execute on the Company’s strategy. We are delighted that she has accepted this role and that Larry and Peter as country CEOs will be the driving forces in Zip’s two core markets – the US and ANZ. The Board thanks Larry and Peter for their significant contributions as CEO and COO.”

Cynthia Scott commented, “I am honoured to accept this opportunity and will continue to work closely with Larry and Pete, as well as our incredible team of Zipsters, to drive our mission to be the first payments choice, everywhere and every day. Zip has made good progress on its refreshed strategic priorities and my focus will be on ensuring we continue this momentum as we deliver on our FY24 milestones and beyond. I look forward to working with the Board, executive team and our Zipsters to drive sustainable value for our shareholders, customers, merchants and partners.”

Zip Co-founder and US CEO, Larry Diamond commented, “Over the past 18 months, Cynthia, Pete and I have collaborated very closely and will continue to work in lock step to leverage our respective strengths, as we focus on Zip’s next stage of profitable growth and cementing Zip’s position as the better way to pay. It also enables Pete and I to remain close to the core of the business and our Zipsters, who share our commitment to innovation and delivering great outcomes for our customers and merchants.”