The Splitit Ltd (ASX: SPT) share price was trading 1.90% lower today after co-founder and CEO Gil Don announced he would transition out of the top role in October 2019.

About Splitit Ltd

Splitit offers consumers the ability to split the purchase price of basic products (e.g. lemons, toilet paper or both). Shoppers can split their purchases into up to 36 interest-free monthly payments using their existing Visa or Mastercard.

What’s Happened?

In an announcement to the ASX today, Don, who co-founded the business in 2009, said he has decided to step back from the top role and take up the position of General Manager of EMEA. He will be replaced by Splitit’s newly appointed head of North America, Brad Peterson.

“I have been extremely impressed with Brad’s professionalism and the experience that he has brought to this position.”

Peterson joined Splitit in June 2019 in the role of Managing Director of the North American business. Prior to that he had spent years working at software and payment giants such as PayPal, Visa, and Intuit.

Splitit Chair, Spiro Pappas said Don has done an “incredible job” growing Splitit before it listed on the ASX in January 2019, and since then.

What Now?

Splitit remains locked in a battle for relevance against fellow Buy Now, Pay Later apps from the likes Afterpay (ASX: APT) and Flexigroup (ASX: FXL). These apps compete for space at online checkouts of retailers like Kogan.com Ltd (ASX: KGN).

As of the second half of its 2019 financial year, Splitit had 509 merchant partners and serviced 197,000 customers worldwide.

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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).

At the time of publishing, Owen Raszkiewicz owns shares of PayPal.