Enterprise blockchain solutions provider Ripple has announced a change in command this week. Renowned serial entrepreneur Chris Larsen will transition from CEO to chairman of the board and Brad Garlinghouse will segue from COO to CEO on January 1, 2017.
Garlinghouse (pictured) has served as the company’s president and COO for a year-and-a-half, where he led more than 3.5x growth in customer adoption. Prior to that he worked as CEO of Hightail, where he doubled the company’s revenue. Garlinghouse has also held positions at Yahoo! and AOL. In a press release announcing the change, Garlinghouse notes his plans to pick up where Larsen leaves off, saying, “I look forward to continuing to work with Chris and the board to set the strategic direction of the company.”
What’s next for Larsen? In an interview with PaymentsSource he said, “This has now been 20 years, I’ve got two young boys, I want to make sure I get the right balance on.” He added that “one hundred percent” of his professional time would be focused on Ripple, to help “the team and Brad, making sure we’re seeing everything that’s going on in this incredible space, and focusing on the right things that are going to have the biggest impact.”
Chris Larsen debuts Ripple at FinovateSpring 2013.
Larsen, who has dedicated his career to democratizing access to financial services, has had quite an impact on fintech. In 1996 he co-founded E-Loan, which grew to a $1 billion valuation by 2000. In 2006, he co-founded Prosper, which he debuted at the inaugural Finovate in 2007. He co-founded Ripple in 2012 and debuted it (under the name OpenCoin) at FinovateSpring 2013.
In the past couple of months, Ripple has raised $55 million in funding and partnered with major international banks, adding them to its network. The San Francisco-based company has raised $93 million and has signed 15 of the 50 largest banks as customers. Ripple has grown to 135 employees working in five offices across the globe.