The billionaire boss of payments firm Wise is to take a three-month sabbatical to spend more time with his family, he announced today.
Kristo Kaarman, who co-founded the London-based fintech in 2011, said he would be stepping away from the firm between September and December 2023 after welcoming his baby son into the family.
In a blog post he told staff: “As my family continues to grow (we recently welcomed our second son!), I am going to take my first ever extended Wise sabbatical later this year from September to December. This is a fantastic time to do my part in looking after the newborn and giving some breathing room to my wife.
“When I first started the company 12 years ago, it would have been unimaginable for me to take any time away from the team and our customers.
“I feel lucky to have this opportunity ä¸ and this is thanks to my team, who have worked alongside me for a long time.”
Kaarman will be replaced as CEO by current Chief Technology Officer, Harsh Sinha, during his period of absence.
Shareholders appeared to react positively to the move, with Wise shares rising 2.5% to 555p. The stock is up 68% over the past twelve months.
Wise said it offers all team members a chance to take a fully paid sabbatical after four years’ service, in addition to annual leave allowances.
Kaarman is worth £1.01 billion, according to the Evening Standard Tech Rich List, while co-founder Taavet Hinrikus is worth £607 million.
