Zip Co shares fall 5% as CFO departs

The news: Shares of buy now pay later company Zip Co have dropped after the company announced Martin Brooke would be stepping down as CFO, to be replaced by Gordon Bell.

The numbers: Zip Co was trading at 30.5 cents, nearly 5% down, around noon. In its latest earnings update in August, the company reported an annual loss of $414 million but also record transaction volumes and revenues.

The context: Bell will start in the role on 2 October after Brooke departs following nearly seven years in the position. Bell has held senior roles at Westpac and Barclays Group, after starting his career as an auditor at KPMG. The appointment is the latest in a string of recent leadership moves, with Cynthia Scott appointed as Group CEO and co-founder Peter Gray now heading up the Australian and New Zealand division.

What they said: "We look forward to welcoming an executive of Gordon's calibre and experience to Zip's group executive team. His track record of deep financial services and capital markets experience and demonstrated financial and people leadership skills will help us execute on our strategy and deliver valuable returns for all stakeholders," Zip co Group CEO and managing director Cynthia Scott said.