Payments processor Tyro has lost its chief executive with Gerd Schenkel leaving the company just eight months into the role.
The former Telstra digital boss, who joined Tyro last October, said that he was resigning to focus on other business opportunities and spend more time with family.
The CEO role at Tyro was Mr Schenkel’s first job after leaving Telstra in April last year.
“My departure will allow a new CEO to lead the implementation of Tyro’s significant growth program,” Mr Schenkel said in a statement.
“I felt privileged to lead the organisation and I thank the board for the opportunity.”
Tyro has had an eventful couple of years, having raised $100 million from prominent investors, including US Asset manager Tiger Global and Atlassian’s Mike Cannon-Brookes in 2015 and also picking up a banking licence from the Australian Prudential Regulation Authority.
The company has since pushed to expand its platform through partnerships with a particular focus on small business lending.
Long-time Tyro non-executive director Rob Ferguson has been appointed acting managing director, while the company looks for a permanent replacement for Mr Schenkel.
“In my role as acting managing director I look forward to guiding Tyro while we search for another chief executive, whom we believe is ideally placed to lead Tyro through the next exciting stage of its development,” Mr Ferguson said.
Mr Schenkel’s departure will also see Tyro’s former CEO and current executive director Jost Stollmann become a full-time non-executive director.
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