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Shopify taps Morgan Stanley banker Jeff Hoffmeister as next CFO

Shopify Inc. announced a pair of leadership changes Thursday, with a new chief operating officer set to take over immediately and a new chief financial officer slated to begin in October. Kaz Nejatian, Shopify's vice president of product, will assume the role of COO immediately, though he will also stay in his current position. Shopify looked outside the company as it sought a new CFO, and it announced Thursday that Jeff Hoffmeister, who worked for more than 20 years in Morgan Stanley's technology investment banking group, will take over that position after the company reports third-quarter earnings Oct. 27. Amy Shapero, the current CFO of Shopify, will remain in her role until the earnings date. Chief Executive Tobi Lütke cheered Hoffmeister's "keen vision of the future of the industry" in a release announcing the changes. Shares of Shopify are up 0.4% in premarket trading Thursday, though they're off 78% so far this year as the S&P 500 has fallen 17%.

-Emily Bary


(END) Dow Jones Newswires

09-08-22 0837ET

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