Stripe’s Chief Technology Officer Singleton Resign
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Singleton, who led the launch of Stripe’s tech hub in Dublin, is stepping down as Stripe’s Chief Technology Officer (CTO). Rahul Patil, who has worked at the company for about four years, will take over. Patil has also worked in senior positions at renowned software companies such as Amazon Web Services, Microsoft, and Oracle.
In a LinkedIn post, Singleton noted that Patil contributes business sense, technical expertise, and has a thorough understanding of users. He will be taking over the position of Singleton and continue to achieve the same strategic goals as his predecessor.
Singleton Leaves Stripe To Start His Own Company
Singleton shared that he had chosen to leave Stripe after seven great years to start his own company. He noted that his initial outreach to Patrick Collison and Claire Hughes Johnson in 2017 was meant to get advice for a business he was considering starting, not to discuss joining Stripe.
Singleton explained that although Collison and Johnson had given him “great advice,” he was more enthusiastic about joining Stripe at that moment. He added that now it was time for him to focus on his start-up dreams and begin a new venture independently.
Before becoming CTO at Stripe, Singleton worked in engineering at Google for over 11 years and was vice president of engineering from 2015 to 2017. He holds a computer science degree from the University of Cambridge.
Stripe’s Value Reached $70 Billion Last Month
During an episode of For Tech’s Sake last year, Singleton spoke about the need to preserve certain features of start-up culture while scaling up quickly to become a big tech company. He further explained that small teams are more effective than large teams, mainly because there are fewer lines of communication needed among people.
He noted that the challenge of working together grows with the square of the number of team members. Adding one more person doesn’t just make things slightly harder; it creates many additional communication links.
Earlier this week, reports suggested that Stripe intends to buy back employee-held shares in a new tender offer, amid ongoing guesses about when the payments company will file for an IPO. According to insiders, Stripe had a free cash flow of $615 million in the quarter ending June, marking a significant boost in its financial condition since the pandemic.
Last month, the business founded by Patrick and John Collison from Limerick was valued at approximately $70 billion, following an offer from Sequoia Capital to buy shares from its investors. Singleton stated in his post that Stripe is now better equipped to reach its mission than before. He added that he will remain with the team until October to help with the transition.
