The Chief Financial Officer of Canva exits abruptly amidst preparations for the tech unicorn's initial public offering (IPO).

Damien Singh, former long-standing chief financial officer of Canva, unexpectedly announced his departure from the company after nearly eight years, leaving Canva without a successor in place. Singh's decision to leave came as a surprise to many within the company when he shared the news with the team on February 5th.

In an email to staff, Singh stated that his departure marked the end of his tenure as Canva moves towards its vision of Finance 2.0. He highlighted the importance of preparing the company for its next phase of growth, emphasizing the need for a CFO with extensive experience in public companies on a global scale. Singh joined Canva in June 2016 and was recognized as CEO Magazine's enterprise CEO of the year in the previous year.

Singh commended Canva's finance team for their capabilities, particularly during his leave last year when they operated effectively under the leadership of US-based chief legal officer, Todd Carpenter. Canva, valued at A$39 million, is reportedly gearing up for a potential public listing, with speculations suggesting an IPO as soon as next year. The company has been profitable since 2017, and recent developments indicate readiness for further expansion.

Investors have shown interest in Canva, with notable transactions including Blackbird selling a $150 million stake last year, and reports of staff and early-stage investors looking to sell approximately US$1 billion worth of shares in a secondary market sale. Canva's employee stock ownership plan (ESOP) has been instrumental in attracting top talent, although specific details are closely guarded, and employees sign non-disclosure agreements upon joining the company.