Shopify stock is on the rise after falling on Executive Departures

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US-quoted shares of Shopify Inc rose slightly Thursday after falling nearly five percent a day earlier, after Canada’s most valuable company said three of its seven top executives would be leaving the ecommerce platform in the coming months.

Shopify, which provides infrastructure for online stores, has seen its appreciation soar over the past year as many businesses went virtual during the COVID-19 lockdowns.

The Ottawa, Canada-based company, whose chief product officer Craig Miller left in September, said the chief talent officer, chief legal officer, and chief technology officer will all be stepping down from their positions.

“Each of them has their own reasons, but what was unanimous with all three was that this was the best for them and the best for Shopify,” CEO Tobi Lutke said in a blog post on Wednesday.

US-listed shares of the ecommerce platform were up 1.5 percent after falling about five percent to $ 1197.86 on Wednesday.

By Subrat Patnaik