For reasons that remain obscure, Gerd Schenkel has resigned from Tyro at the board's initiation
Gerd Schenkel has resigned as CEO of Tyro after a power play from the company’s board.
Sydney’s tightly knit fintech village was left in shock Tuesday when Gerd Schenkel resigned as CEO of Tyro.
Mr Schenkel held down the job for a mere eight months until being pushed towards the exit by several of Tyro’s powerful board members, a lead report in the AFR indicated.
Founded as an EFTPOS provider in 2003, Tyro was granted a banking license in 2015 and is Australia’s newest bank.
Mr Schenkel rose to prominence in for his work building out Telstra and NAB’s fintech and digital platforms. His appointment in October 2016 was seen as a war cry from fintechs against the big four banks.
Mr Schenkel’s resignation comes as Tyro struggles to cut a slice from Australia’s banking incumbents and faces difficulties scaling.