Australian start-up darling Canva is facing arguably the greatest challenge of its decade-long existence, as is the local technology sector that has allowed it to thrive.
One of Canva’s most senior leaders, chief financial officer Damien Singh, quietly departed the design software company this month amid an internal investigation into allegations of inappropriate behaviour.
Canva, led by Melanie Perkins, Cliff Obrecht (left) and Cameron Adams, is widely seen as an IPO prospect but has not revealed any timing.Credit: Louie Douvis
The current mood among many of its 4000 or so employees is one of angst and frustration, as what began as an internal company matter has exploded into public view.
Executive turnover ahead of an IPO is relatively common, as young start-ups look to bolster their leadership credentials. But messages posted to an anonymous professional community suggest there had been complaints of inappropriate behaviour made against Singh, who had been with Canva since 2016.
A source closed to Canva said Singh’s transition out of the company was already well underway before the online posts came to the attention of executives, and when notified of an investigation he resigned immediately.
“Damien has played an instrumental role in our journey and we appreciate the foundations he’s built to achieve the success we’ve had to date,” a spokesman said in a statement to reporters when news of Singh’s departure first broke. “As we now move into the next chapter, we mutually agreed that now is the right time to bring in a CFO with a long track record of growing public companies at global scale.”
In his own letter to staff, Singh mentioned nothing of the allegations, instead saying leading the finance team had been a “huge professional highlight and an honour.”
The events highlight not only the issues around the alleged behaviour but also transparency, which has been lacking, both to employees and to journalists covering the story.
The real facts of the matter - that Singh resigned earlier than planned after the allegations surfaced, and as the company began an internal investigation - took days to come out, and only after questions were asked by The Australian Financial Review.
Why CFO departure is Canva’s greatest test yet
6
0
18.02.2024
Australian start-up darling Canva is facing arguably the greatest challenge of its decade-long existence, as is the local technology sector that has allowed it to thrive.
One of Canva’s most senior leaders, chief financial officer Damien Singh, quietly departed the design software company this month amid an internal investigation into allegations of inappropriate behaviour.
Canva, led by Melanie Perkins, Cliff Obrecht (left) and Cameron Adams, is widely seen as an IPO prospect but has not revealed any timing.Credit: Louie Douvis
The current mood........
© The Sydney Morning Herald
visit website
login
who are we?
contact us
qosheapp
Toi Staff
Gideon Levy
Belen Fernandez
Rami G Khouri
Mort Laitner
Donald Low
Ali Fathollah-Nejad
Nikkei Editorial
