The chief executive of Sydney fintech Tyro, Gerd Schenkel, has left the company after just 8 months in the job.
Tyro announced that Schenkel, who was appointed last October to take over from major shareholder and board member Jost Stollman, had resigned to work on “other business opportunities” and for additional time with his family.
“My departure will allow a new CEO to lead the implementation of Tyro’s significant growth program. I felt privileged to lead the organisation and I thank the board for the opportunity,” Schenkel said.
Non-executive director Rob Ferguson has immediately shifted to the position of acting managing director to take over the day-to-day running of the company while a permanent CEO is sought. The one-time chairperson has been on the Tyro board for more than 10 years.
“Rob’s extensive executive experience in banking, principally as managing director of Bankers Trust Australia from 1985 to 1999, makes him a natural choice for this role. I have every confidence Rob Ferguson will continue to deliver on the Tyro strategy,” said current chair Kerry Roxburgh.
Stollman is also taking a step back from the company. He shifted to executive director late last year after handing over the CEO seat to Schenkel, but this week Tyro revealed that he’s now become a non-executive director.
Schenkel’s short time at Tyro was eventful with several new faces joining the management team. Former PayPal exec Kareem Al-Bassam was brought in in January to be Tyro’s new head of product, Ubank co-founder Natalie Dinsdale came in as head of brand in February and former ING Direct exec Joshua Walther was appointed director of sales in April to take over from Tyro co-founder Andrew Rothwell, who is now COO at Data Republic.
In addition, the AFR reports that IAG Digital Labs head Dave Coombes is due to join Tyro next month to continue the management refresh.
Schenkel himself came in last year boasting an industry-disrupting resumé that included creating Telstra Digital and the NAB-backed UBank, which was Australia’s first digital bank.
In 2015, Tyro was the first fintech to be awarded a banking licence from Australian Prudential Regulation Authority and followed up the same year with a $100 million capital raising round from investors that included Mike Cannon-Brookes.
The Atlassian co-founder is now a Tyro non-executive director.