Dhivya Suryadevara appoints new Chief Financial Officer of GM.
Source: GM
Stripe has ruled out Chief Financial Officer Dhivya Suryadevara of General Motors as the payment starter steaks his C-suite amid a boom in e-commerce brought on by the pandemic.
Suryadevara was named the automaker’s first female finance chief in 2018, and led it by a pandemic that squeezed GM’s finances this year when global factories were closed. At Stripe, she will have to “balance aggressive growth while maintaining the highest standards in disciplinary and fiscal responsibility,” Stripe said.
“Stripe’s mission to increase the GDP of the internet is more important now than ever,” Suryadevara said in a press release on Tuesday. “I really enjoy leading complex, large-scale businesses and I hope to use my skills to accelerate Stripe’s already steep growth.”
Tuesday’s announcement follows a flurry of recent high-profile Stripe hires. The company has hired Mike Clayville, of Amazon Web Services, to become Stripe’s chief operating officer, and Trish Walsh, formerly of Voya Financial, as General Counsel.
GM named John Stapleton, currently CFO of North America, as acting chief financial officer, effective Aug.15. Stapleton has been in his current role since 2014 and he joined the company in 1990.
The automaker said it will conduct an internal and external search for a successor to Suryadevara.
“Dhivya has been a transformation leader during her term as CFO,” said Mary Barra, President and CEO of General Motors, in a statement. “She has helped the company strengthen our balance sheet, improve our cost structure, focus on cash generation and drive the right investments for our future. We wish her every success.”
Stripe’s eye-popping growth
Stripe in San Francisco creates software that allows companies to accept payments online. Thousands of companies, including Amazon, Slack, Glossier, Shopify and Under Armor, use Stripe’s software tools. It is one of the most valuable private Silicon Valley companies after a recent round of financing that boosted its valuation to $ 36 billion. The startup has attracted investment from Elon Musk, Peter Thiel, and Google’s venture arm Capital G, among others.
Stripe has seen growing eyebrows during the pandemic, as its revenue is largely tied to growth in online shopping. In its latest Series G funding round, Stripe highlighted Covid-19 outbreak “pushing the economy online” and said “several years of offline-to-online migration will be compressed into several weeks.”
The CFO role would be a crucial place to fill ahead of a public offering. Despite his growth and appreciation of balloons, Stripe co-founder and president John Collison said the company “has no plans” to go public immediately.
“We are very pleased as a private company,” Collison told CNBC in a telephone interview last year. “We are pretty early in this opportunity.”
Stripe is a six-time CNBC Disruptor 50 company and reached the top of the list in 2020.
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