CFO turnover is never quiet.
Case in point: Today, The Trade Desk disclosed in an SEC filing that CFO Alexander Kayyal was terminated over the weekend after just six months at the company. Longtime finance executive Tahnil Davis was appointed interim CFO to fill the role. Davis, who has been with TTD since 2015 and most recently served as chief accounting officer, will step in while the company conducts a formal search for a permanent CFO. (Someone with actual CFO experience, we assume.)
Here’s what CEO Jeff Green said in the company’s press release announcing Kayyal as CFO back in August. At the time, Kayyal had most recently spent time as a partner at Lightspeed Venture Partners, where he led the firm’s application software practice, before joining TTD:
“I could not be more excited to have Alex join our leadership team as CFO. He brings extensive experience and expertise in helping technology companies apply investment and financial strategies that drive significant scale and growth. As a current board member and early investor of The Trade Desk, I look forward to working with Alex so we can all leverage his growth mindset from a CFO perspective.”
And here’s what Kayyal said at the time:
“The Trade Desk occupies a unique position in the digital advertising landscape and is entering an exciting period of growth as it continues to deliver innovative value to clients and investors. I look forward to partnering with Jeff and the team to maximize the company’s potential in the many years ahead.”
Why This Matters:
Obviously… not great optics, especially for a struggling public company whose share price is down roughly 70% over the past year. CFO turnover is one of the clearest signals the market reads as potential instability. Why Kayyal is leaving matters, as it could point to ongoing challenges in stabilizing the company’s financial narrative a month out from earnings. Promoting a CFO from within can help steady the story, at least in the near term.
The company’s stock fell 7.5% on the news.
Experts React:
Here are some of the more interesting posts on X about the CFO change:
Our Take:
It’s a weird moment for independent adtech stocks. TTD and AppLovin have both had rough starts to the year, though for very different reasons.
For TTD, a few things could help turn the narrative around, at least in the near term: a clearer, more credible AI story and a sharper explanation of where future growth will actually come from. Right now, the narrative itself feels like part of the problem, not just the numbers.
