Splitit Announces Chief Executive Officer Transition

SYDNEY, Sept. 19, 2019 /PRNewswire/ -- Splitit Payments Ltd (ASX: SPT) (Splitit or the Company), a leading global monthly installment payments solution business, announces that its Co-Founder, Gil Don, has decided to step down from his role as Chief Executive Officer, and will take up the position as General Manager, EMEA. Mr. Don, who will remain on the Splitit Board, will be replaced as Chief Executive Officer by Brad Paterson, currently Splitit's Managing Director, North America. These changes will take effect on October 1, 2019.

Brad Paterson was appointed Managing Director, North America in June 2019. He has more than 20 years of executive and leadership experience at some of the world's leading payment companies including PayPal and Visa and also software company, Intuit. He will hand over his responsibilities as Managing Director, North America when a replacement has been found.

"Brad has already made a significant contribution since joining the business," said Splitit Chairman, Spiro Pappas. "With his experience in helping to build and scale well-known companies in the payments industry, we always considered him a potential successor to Gil. He has demonstrated strong operational and leadership capability and the Board has absolute confidence in his ability to lead the Company through its next phase of growth as we ramp up our global ambitions. I look forward to supporting Brad over the coming months as he takes on the CEO role."

Incoming CEO, Brad Paterson, said: "I am thrilled to be stepping into the role of CEO. I am extremely grateful to Gil and the Board for giving me this opportunity to build on the tremendous work that has already been done under Gil's leadership. I look forward to driving significant growth and innovation in the business by working closely with our team, customers and shareholders."

Gil Don co-founded Splitit in 2009 with Alon Feit, Chief Risk Officer and a Director of the Company, and has led the business as Chief Executive Officer since 2015, including through its listing on the Australian Securities Exchange (ASX) in January 2019. During this time he has successfully taken the business global and built a team of nearly 50 employees including Brad and several other high-caliber industry appointments. Both Gil and Alon remain actively committed to Splitit's success through their respective executive and board roles.

Welcoming Brad to his new role, Gil Don said: "Splitit stands apart from other installment payment solutions and I have been honored to lead a talented team of professionals who are passionate about delivering the best product for our customers. I have been extremely impressed with Brad's professionalism and the experience that he has brought to this position. I am very confident that Brad will successfully lead the Company in this next phase of our growth."

"Gil has done an incredible job growing the business since its inception," Mr. Pappas said. "He developed a business concept into a company that is well on its way to achieving its full potential as a global, scalable platform. This included several successful capital raisings and Splitit's listing on the ASX. As CEO the demands on his time as well as travel commitments have been enormous, and moving to head up EMEA will allow him to once again focus on growing the business in a key region. I want to thank Gil for his vision, leadership and ongoing commitment to the Company."

About Brad Paterson

Brad joined Splitit in June 2019, following executive roles at some of the world's most successful payment and software companies, including Intuit, PayPal and Visa. Brad spent more than five years at Intuit and led the go-to-market team responsible for US QuickBooks Online's revenue and customer growth. Brad also served as Intuit's VP of Asia-Pacific and Global Operations, driving business growth in critical international markets. He served more than six years at PayPal, holding a number of roles, including Head of Merchant Services, Asia-Pacific. Prior to PayPal, he worked as Visa's Director of Consumer and Emerging Products for Australia and New Zealand, among other roles.

About Splitit

Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments, without additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer's top 500 merchants, Splitit's global footprint extends to hundreds of merchants in countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia.

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SOURCE Splitit Payments Ltd.