Robinhood's chief product officer steps down in same week it axes 23 per cent of workforce

By John Reynolds on Monday 8 August 2022

Savings and Investment

In a Twitter thread, chief product officer Aparna Chennapragada announced her exit saying she was attracted to joining Robinhood because of its “potential to democratise finance for all”.

Robinhood's chief product officer steps down in same week it axes 23 per cent of workforce
Image source: Co-founders and co-CEOs of Robinhood Baiju Bhatt and Vladimir Tenev

Robinhood’s chief product officer is "stepping down" amid wide-ranging job cuts at the US trading app.

Robinhood’s chief product officer Aparna Chennapragada announced that she was stepping down on Twitter and LinkedIn, in the same week that Robinhood said it was cutting 23 per cent of its workforce.

It is unclear if her departure is linked to the job cuts.

Chennapragada, who took on the role in April last year and has previously worked at Google for 12 years, said she was drawn to Robinhood for its “potential to democratise finance for all”.

A further attraction, she said, was “the personal challenge to expand the co beyond trading into a broad set of products to make money work better for all. We made inroads toward this vision with products in spending and retirement”.

She added: “But the world has changed. As Robinhood adapts to this new context, it's time for me to move on."

She will stay on as an advisor to ensure a "good transition", she said.

Responding to Chennapragada's Twitter thread, Robinhood CEO and co-founder Vlad Tenev said: “Thanks Aparna, for your friendship, all that you have done to support our mission thus far, and your continued contribution as you transition.”

Chennapragada’s departure comes as Robinhood axes 23 per cent of its staff, following it axing seven per cent of staff a few months ago, meaning it has cut more than 1,000 jobs in total.

CEO Vladimir Tenev shared the news in a company blog post, which came as part of a “broader company reorganisation”, citing  a “deterioration of the macro environment" as a cause of the cuts

Job cuts have hit the fintech retail investment sector with Freetrade also making staff cuts.
 

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