Just days after Turkish-fintech unicorn Papara’s acquisition of Pakistan-based Electronic Money Institution (EMI) SadaPay, CEO Brandon Timinsky has resigned from his position.
In a message to employees, reported by Profit, Timinsky wrote that his responsibilities as the CEO took a toll on his mental and physical health.
“My role shifted from creating new things to managing more and more responsibility. Eventually, my days became consumed with solving problems, and the relentless demands of running a company with nearly 300 employees began to take a toll on me,” he said in a message to employees.
Timinsky said that the last few months were particularly challenging, leaving him overwhelmed and exhausted, and after much thought, he decided to step down from his position.
It is likely that SadaPay Chief Operating Officer (COO) will take over as the interim CEO after Timinsky’s departure.
Resignation a surprise
Talking to ProPakistani on the development, Data Darbar Co-Founder Mutaher Khan said that typically, there is a lock-in period for founders in such early-stage deals, particularly stock-based transactions.
Khan said that although is not privy to the underlying details of the transaction itself but Timinsky’s decision comes off as a surprise.
However, he added that top executives can sometimes walk away with a golden parachute which essentially is an attractive financial package received for their departure.
Founded by Brandon Timinsky in 2019, SadaPay quickly became one of the fastest-growing Electronic Money Institutions globally, reaching 1 million users in record time.
On May 30 this year, Papara announced that it had successfully acquired SadaPay.
“We’re fortunate to leverage Papara’s industry expertise, advanced technology platform, and diverse product offerings. With SadaPay’s strong brand, exceptional team, and local foundation, this acquisition will significantly accelerate the pace at which we can deliver value to Pakistan’s quarter-billion citizens,” Timinsky said at the time.
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