Top Executives Depart Shopify

E-commerce platform Shopify (TSX:SHOP) has announced that three of its seven top executives are leaving the company.

Tobi Lutke, Chief Executive Officer and founder of Canada’s most valuable company, said in a blog post that Shopify’s chief talent officer, chief legal officer and chief technology officer will all transition out of their roles in the next few months. The trio follow the departure of Craig Miller, Shopify’s chief product officer, who left the company last September.

Shopify, which supports online retailers, has seen its valuation skyrocket in the past year as many businesses went virtual during Covid-19 lockdowns. It currently has a market capitalization of $182.7 billion, higher than Royal Bank of Canada (TSX:RY).

Founded in 2006, Shopify now supports more than one million businesses globally.

Shopify said in February of this year that revenue growth would slow this year as vaccine rollouts encourage people to return to stores and warned it does not expect 2020’s near doubling of gross merchandise volume, an industry metric to measure transaction volumes, to repeat this year.