8.6 C
New York
Sunday, June 16, 2024
Home Challanger banks Revolut appoints Mikko Salovaara as new CFO

Revolut appoints Mikko Salovaara as new CFO

Revolut has finally managed to appoint a new CFO Mikko Salovaara after a year since David MacLean stepped down after only six months in the role, Sifted reported.

Mikko Salovaara is 29 years old and studied at the US elite Yale university. Previously he was regional CFO at Kraft-Heinz.

Read also: Revolut is about to add dogecoin to crypto trading portfolio

After the sudden departure of the previous financial director of Revolut David McLean in March last year, the position was temporarily held by Bill Rattray.

Salovaara will most likely be forced to implement some cost-cutting measures. He already has experience in this from the food giant Kraft-Heinz. “Zero-Based Budgeting” is practiced there, which means nothing other than that every dollar of expenditure is turned over again.

Revolut already hired Salovaara in January 2021 as VP finance, possibly with a view to promote him internally after a period of trial. He became CFO last month following board approval.

Revolut has lost eight senior executives during the pandemic including Stefan Ville, Deputy Finance Department, and Anna Borzenko, Head of Department. Over the past year, the composition of top management has changed radically.

Ex-employees have blamed their departures on the company’s “pressure-cooker working conditions.”

In an email to Sifted, Mikko Salovaara said:  “I’m delighted to have joined Revolut and humbled by the opportunity to help achieve our ambition of becoming a truly global bank.”

Nik Storonsky, Founder & CEO at Revolut said: “I’m very pleased to welcome Mikko Salovaara as our Chief Financial Officer. Mikko has a strong track record in building resilient financial teams and processes in global consumer-facing industries and is focused on building out our global capabilities as we address the next phase of our growth.”

Salovaara was named a Forbes 30 Under 30 in Finance in 2019. 

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.