Bill.com COO to take helm at WorldRemit parent Zepz

Financial technology startup Zepz has named Bill.com Holdings Inc.’s chief operating officer Mark Lenhard as its next chief executive officer, people familiar with the matter said.

He will take over leadership of the London-based startup from Breon Corcoran, who announced his departure from Zepz in June, the people said, asking not to be identified because the move hasn’t been publicly announced. 

A representative for Zepz said that the board had appointed a new CEO, and that the company will make a formal announcement in September, declining to comment further. Lenhard didn’t immediately respond to a message on LinkedIn requesting comment. 

Photo: David A. Brown

Lenhard is joining as the company prepares for an initial public offering that was being planned for as soon as this year, Bloomberg News has reported. Zepz, which is the parent company of money transfer business WorldRemit, was last valued at $5 billion in a fundraising round last year. 

The transition coincides with a round of layoffs and cost cutting at Zepz. Corcoran outlined plans in February to cut roughly 5% of WorldRemit’s workforce, freeze pay for most employees, downsize the London office and slash the marketing budget by $40 million. 

Bloomberg reported last week that Zepz has also struggled with its accounts and turnover in its senior ranks. Zepz called allegations about accounting issues “speculative and factually incorrect,” and added that the company hadn’t announced a timeline for an IPO.

Lenhard has also been a managing director at JPMorgan Chase & Co. and a vice president at Adobe Inc.