A sigh of relief from concerned investors… maybe?
Cue a sigh of relief from concerned investors… maybe.
Revolut is in the midst of a torrid year. This March CEO Nikolay Storonsky was forced to publish not one, but two open letters assuring investors and employees that his company does not have a "toxic culture", nor a problem with anti-money laundering.
With Storonsky reportedly drumming up interest for a mammoth $500m Series D funding round in a company already valued at over $1.7bn, right now Revolut needs all help with investors it can get.
Enter Gilbert, a known-entity among financial circles. His £4m+ salary at Standard Life Aberdeen a testament to the 30+ years of stewardship at the helm—a reign that only ended in March when his co-CEO position was labelled a “distraction”.
Yet, as pointed out, Gilbert is hardly a bastion of good corporate governance, repeatedly blamed for spreading himself too thinly, and his City nickname “Teflon Gilbert” a tribute to the corporate calamities he has survived.
But, with greater size comes greater scrutiny, especially from the regulator, hence Storonsky’s race to “build a team of A players”, as he told Finance News recently.
The question is whether Gilbert and these other appointments can de-risk the at-times destructive corporate nature of the company?
This wouldn’t be the first time that Storonsky has claimed things are “changing” at Revolut, indeed he told me exactly that nearly a year ago and six months before he was forced to publish his humbling open letters.
Gilbert, Sherwood and Davies are the kind of sensible heavyweights that this multi-billion dollar fintech needs right now, the question is whether they are empowered as a counterweight to a divisive CEO who remains the largest minority shareholder.
If so, and I hope it is, this could be the dawn of a new day for Revolut, if not, expect more open letters soon.