Wise founder Kristo Kaarmann would take a three-month sabbatical to care for his newborn son
The billionaire boss of payment firm Wise is taking a three-month sabbatical to spend time with family and care for his newborn son.
Chief executive Kristo Kaarmann said he was overdue after co-founding the company 12 years ago.
The fintech company, which operates money transfers and debit cards, offers employees a fully paid sabbatical after four years in addition to annual leave.
Newborn son: Wise co-founder and chief exec Kristo Kaarmann (pictured with wife Kriss Soonik) said he was “too late” after starting the company 12 years ago
Kaarmann, 42, will step down from September to December and chief technology officer Harsh Sinha will step into his shoes.
“This is a fantastic time to do my part by taking care of the newborn and giving my wife some breathing room,” he said.
‘When I first started the company 12 years ago, it was unthinkable that I would make time for the team and our customers.’
The Estonian-born chef lives in London with wife Kriss Soonik, a lingerie designer and entrepreneur, and his two boys, ages four and four months old.
He is estimated to be worth around £1 billion. Kaarmann’s announcement adds to a growing trend of corporate executives taking career breaks.
Last year, Jo Whitfield, the head of Co-op’s nutrition division, stepped down to help her two teenage sons with their exams. She did not return and was replaced by Matt Hood.
Co-op says all employees can apply for an unpaid break of three to 12 months after one year.
Elsewhere, the chief financial officer of banking giant HSBC Georges Elhedery took a six-month ‘personal development’ sabbatical last year, in part to improve his Mandarin.
Meanwhile, other financial firms, such as digital bank Monzo, offer three months of paid sabbaticals to employees after every four years of work.