Industry veteran Gerd Schenkel has been appointed CEO of Tyro Payments as the newly licenced banking institution hopes to grow its market share in the coming years.
The decision sees the old CEO Jost Stollmann take over as executive director on a restructured board. Schenkel will take on his new role effective from 24 October.
“When someone of Gerd’s talent becomes available you grab the opportunity with both hands,” Stollmann said. “Now that Tyro has a bank licence and $100 million in new capital, Gerd joining the Tyro team as new CEO is the last piece needed to deliver very strong growth in the years ahead.”
Tyro managed to get a full banking licence in August 2015 – the first tech company in Australia to do so. In November of the same year, the firm increased its capital to $100 million.
With over 17 years of experience in the Australian banking industry, Schenkel founded the digital deposit and mortgage bank, UBank, in 2008. He has also acted as executive director and founder of Telstra Digital.
“I am excited about the opportunity to lead Tyro as we continue to build Australia’s newest bank,” Schenkel said. “Tyro is a new kind of company with a uniquely attractive culture. It’s a technology company that happens to be a bank, not the other way around.”
Stollmann proposed Schenkel to the board as it was a once-in-a-lifetime opportunity to get someone with his calibre to join the company, Fiona Stollmann, Tyro’s head of marketing and communications, told Australian Broker
“We see ourselves as a disruptor,” she said. “We are cloud-based so we don’t have legacy systems to deal with. We are in the business of taking friction out of banking.”
Kerry Roxburgh, chairman of Tyro, said that Jost Stollmann identified Schenkel for the role of CEO. The board was happy to endorse that choice.
“Jost Stollmann’s decade managing Tyro has been outstanding, culminating in the company’s strong 2016 financial results,” Kerry Roxburgh said.
“The Board is delighted Jost will continue as full-time executive director and board member, helping achieve the company’s ambitious growth plans, while fighting for Australian SMEs and inspiring the Australian spirit of entrepreneurship.”