SUMMARY

• British fintech firm Wise announced CFO Matt Briers' imminent departure, triggering a 4% dip in stock prices.
• CEO Kristo Kaarman is set for a sabbatical, with CTO Harsh Sinha temporarily taking the helm.
• Amid speculation about future leadership, the company has set its sights on growth and profitability.

British financial technology juggernaut, Wise, saw a decline in its stock value after announcing the imminent departure of its Chief Financial Officer, Matt Briers. The share prices dipped over 4% following this startling disclosure, reflecting the market's apprehension regarding the significant change in the company's top brass.

A rigorous hunt for a suitable successor to Briers is said to commence with immediate effect, as revealed by Wise in a recent investors' briefing. This news comes on the heels of another crucial executive change, wherein Kristo Kaarman, Wise's co-founder and CEO, declared his impending "Wise sabbatical" to focus on family time.

The company plans for Harsh Sinha, the current Chief Technology Officer, to temporarily assume the CEO's duties while Kaarman enjoys his paternity leave. Briers' formal stepping down as Wise CFO is set to transpire in March 2024, post Kaarman's sabbatical, a decision precipitated by Briers' continued recovery from a cycling accident in the preceding year.

Matt Briers, after a fulfilling stint of almost eight years, feels the pull of a life beyond Wise, he mentioned in a statement. The accomplishments in these initial chapters of Wise fill him with immense pride, and he expressed unbridled excitement for the future prospects of the company. Amidst a flurry of growth, Wise has managed to chart its own course profitably, and Briers considers the company's future trajectory promising.

Briers' tenure saw Wise transform from a scrappy money transfer startup into an illustrious, publicly-listed fintech giant serving millions of users. His departure would mark the second exit of a CFO from a prominent UK fintech firm this month. The market has been stirred by speculation on who would pick up the mantle after Briers, setting the stage for an intriguing game of musical chairs in the fintech sector.

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