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Wise co-founder Taavet Hinrikus steps down as chairmain

Wise co-founder steps down

Taavet Hinriku, the co-founder of fintech Wise, has stepped down from his role as chairman and director. The former chief financial officer of Netflix, David Wells, will replace Hinriku with immediate effect. He has also served as a board member since 2019.

“Wise has benefited greatly from Taavet’s leadership and I’m excited to see what he does next,” said Kristo Käärmann, Wise co-founder and chief executive.

He added: “David has a wealth of experience operating and scaling disruptive companies, and I look forward to working with him even more closely as we enter a new phase of growth at Wise. Likewise, Terri has a deep understanding of the financial industry and a track record in pioneering new products in global markets.”

Founded by the two Estonian businessmen in 2011, Wise became London’s biggest ever tech float in July with an £8bn direct listing.

Hinriku first announced that he would step down from his roles at the London-headquartered company within a year, ahead of the company’s public listing in July. The departure comes after Hinrikus sold his stake worth £81.5m in October.

“I’m very proud of what we’ve achieved over the last decade and I’m excited for what lies ahead,” said Hinrikus. “While I’ll always remain Wise’s co-founder, I’ve completed my entrepreneurial circle at Wise.”

Wise, formerly known as TrasferWise, also appointed Terri Duhon as an independent non-executive director. Jane Fahey, the deputy company secretary, will now take over as company secretary and general counsel from Dean Nash.

“Likewise, Terri has a deep understanding of the financial industry and a track record in pioneering new products in global markets,” added Käärmann.