Zip co-founder Larry Diamond heading back to Australia after new US CEO takes the helm

Zip co-founder Larry Diamond heading back to Australia after new US CEO takes the helm

Zip Co co-founder and outgoing US CEO Larry Diamond

Zip Co (ASX: ZIP) co-founder and US chief executive officer Larry Diamond is heading back to Australia following the announcement that fintech executive Joe Heck will be his replacement.

Diamond, who moved to the US in 2022 to lead the company’s growth following the acquisition of American buy-now-pay-later group Quadpay in 2019, will assume the new role of US chairman once Heck takes steps into his current role in July.

The rich-lister will remain as an executive director of Zip after returning to Australia with his family, where he will focus on driving commercial growth and product innovation across Zip's portfolio, reporting directly to group CEO Cynthia Scott.

Heck, the former CEO of US fintech Happy Money, brings to the US CEO role more than 20 years of experience in consumer lending, including executive roles involving sales, product and innovation at CUNA Mutual Group, a mutual insurance company that has since been renamed TruStage Financial Group.

“Joe’s significant experience in lending coupled with his leadership qualities and expertise in credit, product and innovation make him a wonderful fit to lead our US team on this next stage of Zip’s journey,” says Scott.

“Our US business has demonstrated consistently strong performance and is very well-positioned to deliver on its growth opportunity.”

Heck says he is looking forward to bringing his “passion for lending, product innovation and building strong stakeholder relationships” to Zip.

“I feel a strong alignment with Zip’s business model and customer-centric approach, and I’m looking forward to working with the team to drive the next phase of Zip’s expansion in the US,” he says.

Scott has acknowledged Diamond’s “significant contribution” as US CEO and his ongoing role in ensuring Zip “delivers on its strategic priorities”.

Profit performance in the US has proved a key highlight for Zip Co over the past year, with the latest third quarter revealing that total transaction value had risen 43.6 per cent to US$1.06 billion ($1.59 billion) compared to a year earlier.

Meanwhile, Zip Co has beefed up its US board representation with the appointment of San Francisco-based Kevin Moss as an independent non-executive director to take effect today.

Moss, who has almost 40 years’ experience in the financial services and payments sectors, will join Zip’s Audit and Risk Committee and its Remuneration, People and Culture Committee.

The experienced credit and risk leader spent 17 years in executive roles at Wells Fargo, including chief risk officer for the consumer lending group and business manager for the National Home Equity Group. His most recent executive role was as chief risk officer of US-based online personal finance company SoFi.

“Kevin’s depth of experience in credit and risk and understanding of the US financial services and payments sectors make him a valuable addition to Zip,” says Zip Co chair Diane Smith-Gander.

“His appointment reflects Zip’s ongoing commitment to maintaining board diversity of skills and experience across our two core markets.”

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