The savings and investing app Acorns Grow Incorporated has appointed former Twitter director Rich Sullivan as the new chief financial officer (CFO) ahead of its public listing on the Nasdaq.
Sullivan led corporate finance and financial planning and analysis for Twitter with more than two decades of corporate finance, treasury, mergers and acquisitions and investor relations experience at STX Entertainment, DreamWorks Animation, and AT&T.
“Rich brings a unique combination of expertise, vision and commitment to the mission,” said Noah Kerner, CEO of Acorns, in the company announcement. “Our next phase of growth as a business will only be fueled by his leadership. “
Acorns has helped its 4 million subscribers invest more than $ 9.6 billion since its inception.
“I look forward to working with the team as we continue to empower more investors and do so with their best financial interests in mind,” said Sullivan.
Jasmine Lee, who served as Chief Operating Officer (COO) and CFO of Acorn, prepared the company for its public deployment. She will now focus her attention on the company’s strategic plan and oversee day-to-day operations as COO.
“I am delighted to welcome Rich to the team as we continue to build a multigenerational business at the operational scale to serve our rapidly growing customer base,” Lee said in the Acorns announcement.
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In May, Acorns Grow Inc. announced its intention to go public under a deal with Pioneer Merger Corp, a Nasdaq-listed Specialty Acquisition Company (SPAC). The combined company, with a valuation of approximately $ 2.2 billion, will be listed as Acorns Holdings on the Nasdaq Capital Market.
Acorns Grow offers its subscribers education, investing, banking, income and wealth building with three levels of membership available by subscription.
Kerner said the company plans to “introduce a stock rewards program that will allow eligible customers to own a portion of the company.” As part of the merger deal, Kerner said he would contribute 10% of his personal ownership into Acorns to fund the program.