Company announcement: New CEO for Token

Token announced earlier this week the appointment of Todd Clyde to the position of CEO, effective immediately. Token’s Founder and current CEO, Steve Kirsch, assumes the role of Chief Innovation Officer and retains his position on Token’s Board. Todd assumes the leadership role following three successful years as Token’s COO.

The leadership change reflects Token’s successful transition from start-up to scale-up. It will allow serial entrepreneur Steve to dedicate time to the development of Token’s product roadmap, enabling Todd to drive Token’s open banking business globally. Steve and Todd’s new functions have the unanimous support of Token’s Board of Directors.

Todd has spent 33 years in the enterprise and financial software industry, encompassing 12 years at Accenture and 21 years bringing ground-breaking technologies to market at four successful start-ups, including a $2bn exit. At Token, Todd has been responsible for all commercial and financial operations and in 2018 relocated from San Francisco to London in support of the business.

Todd says: “Open banking is already enabling the next generation of digital financial services. It’s one of the biggest disruptions to hit the payments and banking industries in decades. I’m thrilled to be a part of Token, the established industry leader providing the infrastructure to power these services, at this crucial time.”

As Chief Innovation Officer, celebrated industry veteran, Steve Kirsch, will primarily focus on the development of Token’s digital money business. This includes Token X, the only digital currency technology designed for banks.

Steve adds: “Token has grown from an idea formed in the basement of Stanford into a commercially viable, leading fintech poised to change financial services forever. Open banking is a huge opportunity for banks and fintechs across the world and Token has delivered a product with solid market fit.

“Now is the right time to pass the baton. I have worked closely with Todd for the last three years and his track record in corporate operations and execution, both at Token and other companies, speaks for itself. I cannot imagine anyone better to take us through the next phase of rapid growth. It also enables me to focus on Token’s next generation product offerings, including incubating and launching our bank-friendly digital currency.”