Adyen Co-Founder Arnout Schuijff to Step Down from Management

Arnout Schuijff, one of the two co-founders of Adyen, has decided to step down from the management board of the company as of January 1, 2021, the online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term firm announced today.

He co-founded the Dutch payment processing company in 2016 with Pieter van der Does. Schuijff became the chief technology officer of the company, and Does took on the role of the chief executive officer.

Commenting on this major decision, Schuijff said: “After 14 years of building Adyen, it’s time to leave the next stage of development to a new generation of highly-talented engineers. I’m confident that they’ll be able to harvest the massive opportunities we’ve created together. I couldn’t be prouder of our team’s achievements at Adyen over the past years.”

Before founding Adyen, Schuijff was the chief architect at e-commerce company, Bibit.

Another Tech Billionaire

The Amsterdam-based company processes payments for Uber, Facebook, Netflix, and KLM airline, and 80 percent of its growth came from its existing customers. The company also benefited from the collapse of Wirecard, one of its competitors.

Adyen went public in June 2018, and that put Schuijff’s name in the billionaires' list. He currently owns a 4.53 percent stake in the company.

Last month, Finance Magnates reported that four Adyen executives, including Schuijff and Does, liquidated a portion of their stake in the company.

“It’s hard to find words to do justice to Arnout’s contribution to the company, but put simply: we wouldn’t have come this far without Arnout. While it’s bittersweet, I’m optimistic and excited for the decade ahead with the engineering team we’ve built over the years,” Does added.