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Shopify Inc. SHOP-T named Jeff Hoffmeister as its next chief financial officer, replacing Amy Shapero, who is stepping down following the company’s third-quarter earnings to be released on Oct. 27.

Hoffmeister is a managing director at Morgan Stanley in their technology investment banking group.

Shopify founder and chief executive Tobi Lutke says the company will benefit from Hoffmeister’s more than 20 years of investment banking experience in the technology sector.

The company also announced that Kaz Nejatian, vice-president of product, has been promoted to chief operating officer, effective immediately.

Nejatian succeeds Toby Shannan, who is retiring and is expected to join Shopify’s board of directors, effective Jan. 1, 2023.

Shannan will serve as a special adviser through the end of the year.

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