Business

Shopify shares edge up after falling on executive departures

(Reuters) – U.S.-listed shares of Shopify Inc rose slightly on Thursday after dropping nearly 5% a day earlier as Canada’s most valuable company said three of its top seven executives would be leaving the e-commerce platform in the coming months.

Shopify, which provides infrastructure for online stores, has seen its valuation soar in the past year as many businesses went virtual during the COVID-19 lockdowns.

The Ottawa, Canada-based company, whose chief product officer Craig Miller left in September, said its chief talent officer, chief legal officer and chief technology officer will all transition out of their roles.

“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,” Chief Executive Officer Tobi Lutke said in a blog post on Wednesday.

U.S.-listed shares of the e-commerce platform were up 1.5%, after closing down about 5% at $1197.86 on Wednesday.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Sherry Jacob-Phillips)

Read the original article on Business Insider

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