Zip Co Limited announced an update to Zip's leadership structure. The change reflects the Company's lifecycle and maturity and optimises the leadership structure to deliver on Zip's strategic priorities and next stage of profitable growth. Importantly, it allows the founders to remain close to the business and team of Zipsters, in line with their passion for disruption, innovation and getting things done.

Effective immediately, Cynthia Scott will assume the role of Group CEO, overseeing Zip's group operations and strategy. Ms Scott is a highly respected executive and has made a strong contribution as CEO of Zip's Australia and New Zealand ("ANZ") business, a role she has held since November 2021. She brings extensive experience in financial services, corporate strategy, capital markets and innovation to the position with previous roles including CEO of Barclays ANZ.

Zip Co-Founders, Peter Gray and Larry Diamond will assume the roles of ANZ and US CEOs respectively, to drive performance in Zip's two core markets and the Company's next stage of sustainable growth and product innovation. Mr. Diamond relocated to the US in October 2022 to lead the Zip business in North America, and will now exclusively focus on this region. He will continue to serve on the Board as an executive director.

It is intended that Ms Scott will join the Board as Managing Director on 24 August 2023, with Mr. Gray to act as a board advisor. Ms Scott assumed the role as Zip's ANZ CEO in November 2021. She was previously the Chief Strategy and Business Development Officer at Scentre Group and prior to that, Group Executive responsible for Telstra's New Business portfolio.

Other roles at Telstra included Group Managing Director of Strategic Finance (Strategy, M&A, Treasury and Investor Relations), and responsibility for Telstra's international operations. Prior to Telstra, Ms Scott spent over 20 years in investment banking, most recently at Barclays where her roles included Regional Head of Debt Capital Markets in Hong Kong and CEO of Australia and New Zealand. Ms Scott is a Non-Executive Director on the Board of Uniti Group, and was previously Chair of Foxtel, Telstra Ventures and Autohome, a NYSE-listed Chinese technology company.

She is a member of Chief Executive Women and of the Adara Panel and was previously a member of the Australian Advisory Board for Room to Read. Commencement date: 10 August 2023 as CEO; Managing Director on appointment to the Board.