Shopify Ropes In Morgan Stanley Veteran Jeff Hoffmeister As Finance Chief

Shopify Inc SHOP announced critical leadership changes. It appointed Jeff Hoffmeister as the CFO.
Hoffmeister succeeds Amy Shapero, who stepped down following its third-quarter 2022 earnings announcement on October 27, 2022.
Hoffmeister will join Shopify from Morgan Stanley MS, where he spent over two decades in its Technology Investment Banking group.
Shopify promoted VP of Product Kaz Nejatian to the additional role of COO, effective immediately.
Nejatian succeeded Toby Shannan, who retired from his role and is likely to join Shopify’s board effective January 1, 2023.
Shannan will serve as a special advisor through the end of the year.
Shopify reported second-quarter FY22 sales growth of 16% year-on-year, to $1.29 billion, missing the consensus of $1.71 billion. Adjusted EPS loss of $(0.03) missed the consensus of $0.03.
Shopify looks to downsize by 1,000 workers, or 10% of its global workforce, marking a retreat from its pandemic bet on e-commerce growth.
Founder and CEO Tobi Lütke justified the layoffs citing the resumption of old shopping habits and pull back on online orders.
Price action: SHOP shares traded lower by 0.69% at $30.75 on the last check Thursday.