Robinhood, creator of the favored stock-trading app of the identical identify, introduced on Friday that Vlad Tenev would be the firm’s sole chief government, ending an association wherein Tenev and cofounder Baiju Bhatt have shared the highest job for the reason that firm’s launch in 2013.

The transfer comes amid ongoing speculation that Robinhood plans to go public within the coming months, and after the corporate raised $660 million in a current Series G funding spherical.

“Right this moment, Robinhood co-founders Baiju Bhatt and Vlad Tenev shared with our workers that Vlad will assume the function of sole CEO. Baiju will proceed in his function as co-founder, supporting key enterprise initiatives and serving on Robinhood’s board of administrators,” stated a Robinhood spokesperson.

An individual near the corporate, who spoke on situation of anonymity, stated the choice to call Tenev as sole chief got here partly as a result of Robinhood acknowledged {that a} dual-CEO construction had turn out to be much less viable as the corporate expands. The individual added that the transfer didn’t come about as results of political machinations and that Tenev and Bhatt, who turned pals as Stanford undergraduates, stay shut.

Based on former Robinhood executives, Tenev is the extra visionary and strategy-oriented of the 2 founders, whereas Bhatt is considered extra jocular and targeted on product improvement. The individual near Robinhood stated the brand new association will let Bhatt commit extra time to tasks he most enjoys.

Robinhood is driving excessive after its large funding spherical, which valued the agency at $11.7 billion, and from an inflow of latest customers who’ve helped gasoline a document stage of buying and selling this 12 months amongst retail traders. Earlier this 12 months, the corporate stated it has grown to 13 million accounts, 3 million of which have been added within the first six months of 2020 alone. The phenomenon led BusinessWeek to dub the mass of latest merchants “Generation Robinhood” in a current cowl story.

Regardless of the hype, Robinhood faces quite a few challenges. Critics have decried the app as casino-like and exploitive, arguing that it encourages reckless buying and selling. Others have warned that novice customers can simply get in over their head—some extent pushed dwelling in June when a 20-year-old dealer took his life after mistakenly believing he had incurred $700,000 in debt whereas buying and selling difficult choices contracts. The corporate has additionally incurred a barrage of buyer complaints and fines from regulators, and bungled main product rollouts.

Whereas Robinhood has turn out to be a darling amongst enterprise capitalists, it’s unclear when or if it can flip a revenue. The agency doesn’t cost customers to commerce—an innovation that led the remainder of the business final 12 months to observe go well with. Robinhood has earned $453 million to this point this 12 months from “fee for order circulate,” which includes acquiring rebates from market-making companies like Citadel Securities that execute Robinhood clients’ trades. The tactic accounts for round 70% of Robinhood’s income, elevating questions of whether or not that is sustainable and if the agency will be capable of diversify its income stream sooner or later.

In entering into the solo CEO function, the 33-year-old Tenev might be below appreciable strain to indicate Robinhood is constructed for the long run—strain that may solely enhance as soon as the corporate goes public.

In interviews with Fortune, Tenev predicted that the corporate’s younger buyer base (the median age of Robinhood traders is 31) will develop extra prosperous over time, permitting the corporate to promote them extra merchandise. He additionally described studying broadly to buttress his management abilities—largely biographies of figures like Steve Jobs, Albert Einstein and Howard Hughes, but additionally science treatises like Steven Wolfram’s A Venture to Discover the Fundament Theories of Physics.

For now, Tenev has appreciable runway to show himself because of Robinhood’s fats steadiness sheet and a surge in inventory buying and selling. The corporate’s lead investor, Jan Hammer of Index Ventures, stated by electronic mail he’s assured Tenev is as much as the job.

“Vlad’s management has been instrumental to Robinhood’s success in reaching unbelievable scale. I’m assured that Robinhood will proceed to steer in constructing progressive merchandise and serving clients as the corporate strikes into its subsequent part of development,” Hammer wrote.

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