Revolut cofounder Vlad Yatsenko will step down as chief technology officer on 1 July and move into a non-executive director role on the FinTech's board, marking a significant leadership change as the company continues its global expansion.

The company announced on Thursday that Yatsenko, who founded Revolut alongside CEO Nik Storonsky in 2015, will remain involved in the business by providing strategic oversight and technical guidance from the board. The move ends more than a decade in which he served as one of the principal architects of Revolut’s technology platform.

Revolut said Yatsenko would be succeeded by Donato Lucia, currently vice president of technology, who has spent the past eight years within the company’s engineering organisation. Lucia most recently served as head of technology and oversees the development of Revolut’s core banking infrastructure.

A Revolut spokesperson said: “We are pleased that Vlad will continue to lend his expertise to the company as he remains on the Board, now as a Non-Executive Director.” The spokesperson added that he would continue to provide “strategic oversight and technical counsel” as the company enters its next stage of growth.

According to Revolut, Lucia leads a global engineering organisation of more than 1,400 employees and has played a central role in building the systems supporting the company’s expansion. The fintech says its platform now serves more than 75 million customers worldwide.

The company said Lucia’s experience with Revolut’s core architecture and infrastructure made him well placed to lead its engineering division. He joined the business in April 2018 as a software engineer and has since held a series of senior roles including lead engineer, director of engineering, group head of technology and head of technology.

According to Revolut, Lucia has been instrumental in developing the company’s global core banking infrastructure and scaling systems to support rapid growth across multiple markets. Before joining the FinTech, he held engineering positions at lastminute.com, IBM and HP, specialising in payments and billing systems.

The leadership reshuffle comes during a period of rapid growth for Revolut and heightened attention on its long-term valuation prospects. According to The Telegraph, chief executive Nik Storonsky stands to receive a share award worth up to $76 billion if the fintech reaches a $200 billion market capitalisation, a package modelled on incentive schemes used by technology companies including Tesla. The newspaper reported that such an outcome could make Storonsky Britain's richest individual.

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