Online card retailer Moonpig has announced that its CEO Nickyl Raithatha intends to leave the company after eight years in the role.
Raithatha, who oversaw Moonpig’s IPO in February 2021, will continue to serve at the helm of the London firm during his year-long notice period while it searches for a successor.
Moonpig listed on the London Stock Exchange four years ago and its shares were up 17% on its first day of trading, valuing the company at £1.4bn.
Its share price has since dipped and now stands at 215.74p, giving the business a market cap of £804.1m.
Seasoned entrepreneur Raithatha has gained degrees from world-renowned universities Cambridge and Harvard and joined Moonpig in 2018 as CEO after leaving Finery London – a fashion brand he founded.
Prior to that, he worked for global firms including Goldman Sachs and Rocket Internet.
“After seven years as CEO, I am proud to leave the group in a strong position as the clear leading platform in cards and gifts across both the UK and the Netherlands, with a loyal and growing customer base, driven by our innovations in technology, data and AI,” he said.
“It has been a privilege to work alongside such a talented group of people. Together, we have grown the business, listed on the London Stock Exchange, and expanded into new markets.
“As today’s full-year results show, the business is in excellent shape, with strong momentum, an experienced senior leadership team, and significant growth potential.
“Until I hand over to my successor, I remain focused on executing our strategic priorities and continuing to deliver sustained growth and long-term value for shareholders.”
Kate Swann, chair of Moonpig, added: “I would like to thank Nickyl for his service and contribution as CEO, including leading the group to a successful IPO on the London Stock Exchange in 2021.
“Under his leadership, the group has reinforced its position as the category-defining online platform for greeting cards and gifting.
“Nickyl leaves the group in a strong position, with the Group’s FY25 results showcasing another year of strong earnings growth and high free cash flow. The board remains confident in the opportunities ahead.
“Nickyl has built a seasoned leadership team that will drive strong execution continuity during the transition. We are well prepared from a succession perspective and will continue to work closely with Nickyl as we look to appoint his successor.”