Monetary know-how startup Zepz has named Invoice.com Holdings Inc.’s chief working officer Mark Lenhard as its subsequent chief government officer, folks aware of the matter mentioned.
He’ll take over management of the London-based startup from Breon Corcoran, who introduced his departure from Zepz in June, the folks mentioned, asking to not be recognized as a result of the transfer hasn’t been publicly introduced.
A consultant for Zepz mentioned that the board had appointed a brand new CEO, and that the corporate will make a proper announcement in September, declining to remark additional. Lenhard didn’t instantly reply to a message on LinkedIn requesting remark.
Lenhard is becoming a member of as the corporate prepares for an preliminary public providing that was being deliberate for as quickly as this yr, Bloomberg Information has reported. Zepz, which is the mother or father firm of cash switch enterprise WorldRemit, was final valued at $5 billion in a fundraising spherical final yr.
The transition coincides with a spherical of layoffs and price chopping at Zepz. Corcoran outlined plans in February to chop roughly 5% of WorldRemit’s workforce, freeze pay for many staff, downsize the London workplace and slash the advertising and marketing funds by $40 million.
Bloomberg reported final week that Zepz has additionally struggled with its accounts and turnover in its senior ranks. Zepz referred to as allegations about accounting points “speculative and factually incorrect,” and added that the corporate hadn’t introduced a timeline for an IPO.
Lenhard has additionally been a managing director at JPMorgan Chase & Co. and a vice chairman at Adobe Inc.