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BFD Expert Voices - Private Credit

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Marqeta's Jason Gardner is preparing to step down as CEO and has launched a search for his successor. Gardner revealed the news during the company's second quarter earnings report on Wednesday. 

Why it matters: Executing on the $6 billion company's strategy will soon fall to someone else other than Gardner, who also founded the firm and has helmed it for 12 years. 

Context: Fintech companies have been trying to reinvigorate investor confidence in their businesses. And in this case, Gardner's decision would please the company's largest shareholder: Himself.

Driving the news: Gardner says he is seeking a replacement who has experience as an executive in a public company. He plans to become Executive Chairman once a replacement is found.

"Ultimately, I felt like I'm not the best person to execute as the CEO in this upcoming stage of growth, which is far more dynamic... more complex." Gardner told Axios.

Becoming executive chairman would allow him to focus on the company's long-term vision, he says.

Of note: Gardner joins a growing line of tech CEOs who have recently stepped down and assumed chairman roles to focus on company vision.

Context: Marqeta has been hard hit by the broader fintech sell-off. The California-based payments and card-issuing company went public in June 2021, and rose as high as $18 billion in market capitalization in November. It's now valued at about $6 billion.

Zooming in: Gardner's decision comes as Marqeta is looking to turn a profit while diversifying its revenue streams both internationally and within its customer base.

Notably, Marqeta is currently heavily reliant on Block, formerly known as Square. About 69% of the company's $186.6 million revenue came from the Jack Dorsey-founded business.

While that was a boon for Marqeta during the pandemic, it's become a source of anxiety for analysts given the risks of being tied to one volatile client. 

Looking forward: Gardner anticipates staying on as CEO for the next several months "at least" during the search period. 

He added that he has no interest in selling the company and, in fact, will be actively seeking out potential acquisition targets.

Marqeta CEO seeks his own replacement

Jason Gardner says a new leader is needed to guide growth

Fintech

<p><strong>Marqeta&#x27;s Jason Gardner</strong> is preparing to step down as CEO and has launched a search for his successor. Gardner revealed the news during the company&#x27;s second quarter earnings report on Wednesday. </p>

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Marqeta CEO seeks his own replacement

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