Mr Ridd, the former managing director of Xero, has announced that he will be stepping down as chief executive from 1 November.
myprosperity’s chief technology officer, Stephen Jackel, will take over from Mr Ridd, who will be joining the firm’s board alongside new non-executive director Marcus Fletcher.
Mr Ridd said the succession comes as he looks to take on a strategic role on the board over day-to-day operations.
“This change is part of a carefully planned leadership expansion across the business. Steve has demonstrated a rare combination of technical brilliance and sound people leadership skills and so I am delighted he is taking on the next step in his career,” said Mr Ridd on a LinkedIn post.
“Over the past 2.5 years we’ve quadrupled revenues, grown our partner base from 180 to over 650, expanded the team from 12 to 42 and made significant advancements in product development. And although we’re not even close to being done on any of those fronts, the framework is in place and my skills are now best suited on the board rather than in the business day-to-day.
“Outside of the myprosperity board appointment in 2019, I will continue to seek ways to contribute to the growth of the tech startup industry in Australia, something I have long been passionate about.”