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.
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.