Zip Co (ASX:ZIP) announced yesterday the departure of its Co-Founder, Larry Diamond, from his role as a director and US Chairman. The decision, effective from 3 December 2024, marks a significant transition for the company as Diamond shifts focus to establishing a Family Office and Foundation aimed at advancing his philanthropic efforts.
In a statement, Zip Chair Diane Smith-Gander AO expressed gratitude for Diamond's contributions since co-founding the company in 2013. "We respect Larry’s decision and express our appreciation of his extraordinary achievement… There is a changing of the guard across the tech sector as companies have matured, and founders like Larry are in a position to make their next contributions to society," she said.
Diamond reflected on his time at Zip, noting, "Now is the right time for me to step back from my day-to-day role at Zip. I’m very proud of what Zip has achieved and have total confidence in the team that will be leading the company to continued great success. I remain a committed shareholder and supporter of Zip and the team."
Zip, an ASX-listed digital financial services company, operates primarily in Australia, New Zealand, and the US, offering payment solutions to millions of customers and merchants globally.
Shares closed 0.58% lower at $3.41.
