Chime’s CFO is stepping down
Article excerpt
Highlighted: the sentence this signal was extracted from
The fintech's president, Mark Troughton, will serve as interim finance chief while the company conducts an executive search. Chime also reported a 27% year-over-year jump in second-quarter revenue. Newcomb's departure ends a 10-year stint at Chime during which the CFO drove the company's financial and investment strategy and scaled its business amid several private financing rounds and last year's initial public offering, CEO Chris Britt said Wednesday. "His impact on Chime extended well beyond his role as CFO and, while we will all miss Matt, he has earned a well-deserved break," Britt said Wednesday. Troughton, meanwhile, will add interim CFO duties to his purview, which already includes oversight of operations, risk, lending, corporate development and strategy. Britt called Troughton "one of Chime's most seasoned executives with deep knowledge of our business and financials." "Having worked alongside Mark for more than 20 years, I know he has the experience to lead our finance team through this transition to a new CFO," Britt said. Newcomb will serve as an adviser to Chime during its executive search and transition period, the company said. The fintech's second-quarter performance prompted the company to adjust its full-year guidance upward. Chime now expects revenue growth between 25% and 26% year over year, maxing out around $2.745 billion. The company also projects...
Keep reading with a free account
The rest of this article, and every signal for Chime, is in your free account.
