zip company (ASX:ZIP) announced yesterday that co-founder Larry Diamond will step down from his role as director and U.S. chairman. The decision, effective December 3, 2024, marks a significant transition for Diamond as it shifts its focus to establishing a family office and foundation to advance its philanthropic efforts.

In a statement, Zip Chair Diane Smith Gander AO thanked Mr Diamond for his contributions since co-founding the company in 2013. “We respect Larry’s decision and express our gratitude for his extraordinary accomplishments…Companies are maturing and founders like Larry are in a position to make the next contribution to society. Yes,” she said.

Reflecting on his time at Zip, Diamond said, “Now is the right time to step back from my day-to-day role at Zip. I am extremely proud of what Zip has accomplished and have full confidence in the team.” ” I will continue to be an avid shareholder and supporter of Zip and the team. ”

Zip, an ASX-listed digital financial services company, operates primarily in Australia, New Zealand and the United States, providing payment solutions to millions of customers and merchants around the world.

The stock closed 0.58% lower at $3.41.