Denver-based Ibotta’s chief financial officer has resigned, according to a regulatory filing.
CFO Sunit Patel will leave his role effective March 28, the company said in its filing with the Securities and Exchange Commission dated March 14. Patel is leaving to pursue an “external opportunity” in telecommunications, an industry he worked in before joining Ibotta, Ibotta said in a press release.
Ibotta, which designs loyalty programs for retailers, had an initial public offering on the New York Stock Exchange in April 2024. Its shares have since dropped. U.S. stocks have fallen across the board as President Donald Trump’s economic agenda focusing on tariffs and deep cuts to government spending spooks Wall Street investors.
Valerie Sheppard, a member of Ibotta’s board of directors, will take over the CFO role while the company looks for a replacement.
Ibotta CEO Bryan Leach is making a point of the company’s commitment to Denver, where it got its start more than a decade ago. The company recently signed a 10-year lease for a new building on the 16th Street Mall even as other businesses complain about safety issues, ongoing construction and a lack of foot traffic downtown. It also paid to have its logo on the Denver Nuggets’ jerseys.
The company has built loyalty reward programs for Walmart, Dollar General, Family Dollar and Instacart. Ibotta employs roughly 400 people in Denver.
