Payoneer (NASDAQ:PAYO) today appointed John Caplan co-Chief Executive Officer and Director alongside current CEO Scott Galit, effective immediately. Galit and Caplan will lead the firm as co-CEOs during a transition period through the end of 2023, when Caplan will take the helm as CEO and Galit will continue in a strategic role.

Mr Caplan will use his deep experience working with global companies to drive the Payoneer’s growth at scale, expand the company’s suite of products, and serve customers who are scaling businesses in today’s digital economy, all in close collaboration with Galit.

Mr Caplan will assume leadership over the business organization and core corporate functions. Galit will continue to oversee Payoneer’s regulated activities and lead the delivery functions that underpin the business.

Mr Caplan is an executive, investor and entrepreneur with a track record of scaling companies in the digital economy. Most recently, he was President of North America and Europe at Alibaba.com, the cross-border B2B business unit of Alibaba Group. In this role, he helped lead its transformation into one of Alibaba Group’s fastest growing and most profitable business units. Caplan joined Alibaba’s team in 2017 following its acquisition of OpenSky, an SMB software platform he founded in 2009, which empowered ecommerce SMBs to optimize their distribution across marketplaces.

“I’m thrilled to be joining Payoneer,” added John Caplan. “Payoneer has robust financials, an industry leading portfolio of services, a large and growing global customer base and a trusted partnership ecosystem that cannot be easily replicated. We have the can-do spirit, capability, trusted brand, talented and diverse global team to engage and serve businesses worldwide, and in doing so create shareholder value for many years to come.”

“This is the time for us to be even bolder as we continue to build. I am honored to partner with Scott and the Payoneer team to do just that, carrying on the company’s mission of bringing a universe of opportunities to businesses of any size, anywhere in the world.”

“Payoneer’s customers are the heartbeat of the entrepreneurial global economy. When they do well, local communities thrive.”