Canadian e-commerce company Shopify (SHOP) has hired Morgan Stanley (MS) investment
banker Jeff Hoffmeister as its new chief financial officer (CFO).
Hoffmeister, who spent 20 years as part of Morgan Stanley’s technology investment banking
unit, succeeds Amy Shapero in the CFO role. Shapero is scheduled to leave Shopify on
October 27 of this year.
Shopify, which is headquartered in Ottawa, also announced the promotion of Kaz Nejatian to
chief operating officer (COO) effective immediately. He replaces Toby Shannan, who is retiring
and will join Shopify’s board of directors.
The executive shake-up comes as Shopify grapples with slowing growth, a declining share
price, and company-wide layoffs.
In July, a day before releasing disappointing second quarter results, Shopify said that it is
cutting 10% of its workforce.
Shopify’s stock is down 73% this year and trading at $41.83 per share.
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