Zip has promoted Cynthia Scott as the new CEO, while co-founder Larry Diamond takes over as CEO of Zip's U.S. business. The leadership change reflects Zip's maturity and focus on key markets for sustainable profitability.
Troy D. Hanson
August 11, 2023
Australian buy-now-pay-later provider Zip has announced the promotion of Cynthia Scott as the new chief executive officer. Scott, who has been heading Zip's Australia and New Zealand business since November 2021, will assume her new role with immediate effect. In the reshuffle, co-founder Larry Diamond will take over as CEO of Zip's U.S. business.
Scott brings a wealth of experience to the role, having previously served as regional CEO for U.K. bank Barclays. She will also join the board as managing director on August 24, while Diamond will continue to contribute as an executive director.
The leadership change reflects Zip's evolving lifecycle and maturity as a company. It optimizes the leadership structure to better align with Zip's strategic priorities and support its next phase of profitable growth, according to a market filing by the ASX-listed company.
In July, Zip reported positive financial results, with higher quarterly revenue margins and lower quarterly credit losses. These positive trends have positioned the company well to achieve profitable earnings in the first half of fiscal 2024, which commenced on July 1.
After experiencing rapid expansion during the Covid-19 pandemic, driven by the shift to online shopping, Zip has since refocused its efforts on key markets, including the U.S., Australia, and New Zealand. The company divested its recently acquired international businesses and streamlined its product offerings in a strategic move towards sustainable profitability.
Peter Gray, co-founder and group chief operating officer, will take over from Scott as head of Zip's Australia and New Zealand business. He will also serve as an adviser to the board, supporting the company's ongoing success.
With these leadership changes in place, Zip is well-positioned to drive growth in its core markets and continue delivering value to its customers.