Nearly Half of Shopify’s Top Execs Are Set to Exit — Here’s Why

Shopify is set to lose three of its top seven executives.

In an email to employees, first reported by the Ottawa Business Journal on Wednesday, co-founder and CEO Tobi Lutke announced that the Canada-based company’s chief talent officer, Brittany Forsyth; chief legal officer, Joe Frasca; and chief technology officer, Jean-Michel Lemieux, will transition out of their roles this summer.

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“Each one of them has their individual reasons, but what was unanimous with all three was that this was the best for them and the best for Shopify,” Lutke wrote in the memo. “Each of them has completed two to three tours of duty in their careers at Shopify and have achieved incredible things that will live on as their legacy.”

All executives have been with the company for several years.

Forsyth was hired to the position of director of human resources in May 2010 and promoted to her current post two years ago. In a statement on Twitter, she said, “I’m excited and a little sad to announce that I’ll be leaving my role at Shopify to double down on my own entrepreneurship journey. After spending one-third of my life building Shopify, I can honestly say I’m so proud of what we’ve built and am confident in the future of Shopify.”

Separately, Frasca became the company’s first counsel in May 2014, while Lemieux started as SVP of engineering in 2015 and became technology chief in February 2019.

“This team has been spectacular and deserves to take a bow,” Lutke added. “Right after that, we should focus on the present and future. We have a phenomenally strong bench of leaders who will now step up into larger roles. The brightest people in the world are lining up to work at Shopify, and those that are joining us every day are incredible.”

The trio’s departure is the latest in a C-suite shakeup that dates back to early October, when chief product officer Craig Miller exited after nine years at the company. (Lutke took on that role in addition to his existing duties.) At the time, Harley Finkelstein was also promoted from the position of chief operating officer to president.

Over the past year, Shopify has seen a surge in profits as well as its stock price as the COVID-19 health crisis largely drove consumers indoors and online. In the fourth quarter, the e-commerce platform recorded an income of $123.9 million, and its shares are currently trading up 1.5% to $1,198. The company currently has a market capitalization of $148.37 billion.