Andrei Cherny, the chief executive officer of financial-technology firm Aspiration, is stepping down from his post at the company he co-founded amid a delay in plans to merge with a special purpose acquisition company.
(Bloomberg) — Andrei Cherny, the chief executive officer of financial-technology firm Aspiration, is stepping down from his post at the company he co-founded amid a delay in plans to merge with a special purpose acquisition company.
Olivia Albrecht, who joined earlier this year as the firm’s chief sustainability officer, is taking over as CEO, according to a person familiar with the matter who asked not to be identified discussing the move that hasn’t been announced publicly.
Cherny didn’t immediately return a message for comment.
Cherny, who helped found the firm nine years ago, expedited a plan to step down given that a public listing through a merger with SPAC InterPrivate III Financial Partners Inc.
has been delayed amid a choppy market environment, the person said. He will keep a board seat and remain as an adviser to Aspiration, the person said.
Aspiration — which counts actors Orlando Bloom and Leonardo DiCaprio among investors — focuses on sustainability in online banking.
Albrecht was appointed to lead sustainability in June. She spent a decade at Pimco and has also worked at TCW Group, where she was global head of environmental, social and governance.
Aspiration said that revenue rose past $100 million last year, with almost $80 million of gross profit.
More than half of its revenue came from working with enterprises on sustainability, according to a February release on its website.
Late last year, the firm also secured an extra $315 million in equity financing from funds tied to investment giant Oaktree Capital Management and billionaire Steve Ballmer.
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