It’s been nearly seven years since we started Even. We set out to build a product that helps people living paycheck to paycheck take back control and build savings. It took many iterations and a lot of research, but the platform we’ve built delivers: within the first three months of using the app, Even savers have moved an average of $163 into savings, which is remarkable given many of our members have never succeeded at saving before. Don’t take my word for it — go read the app store reviews!
Having savings in the bank is such a fundamental part of people’s lives that Even is about to be more popular than 401k at the nation’s largest employer. That’s pretty cool — and suggests, I think, that we can make Even as ubiquitous as 401k.
If we’re going to make Even ubiquitous, the window is open now: Gartner predicts that 20% of companies will offer on-demand pay by 2023. This is the time to pass the baton to a world-class enterprise operator who can accelerate our growth and achieve the scale we need to have the impact we’ve always hoped to achieve.
On March 1, 2021, David Baga will be Even’s new CEO.
On paper, David is a phenomenal fit for Even: He has a track record of partnering with human resources leaders to offer innovative benefits to employees. He has worked with Fortune 500s at both Oracle and Lyft. During his tenure at Lyft, David built and ran the multi-billion dollar unit responsible for business partnerships with large employers, healthcare systems, hospitality and travel companies, and even airports and transportation authorities. Similar to Even, the organization he led at Lyft had to delight the business customers Lyft served as well as the consumers who actually used Lyft’s services.
But it’s the not-on-paper things that will, I believe, make him successful as Even’s next CEO. The this-is-a-good-human things. His humility, authenticity, and directness. His high expectations, matched with a servant leadership style. His insatiable hunger for feedback and improvement.
I think we got a good one.
Even’s mission resonated with David from the start. David grew up in a working class neighborhood where most families were first generation Canadians and he’s no stranger to hourly work; David’s first jobs were in the service industry, retail, and construction. He understands the struggles of hourly workers living paycheck to paycheck and is committed to making a positive difference in the lives of workers while helping employers boost productivity and retention.
I’m still going to work at Even full-time and serve on the board as Executive Chairman. In short, my new role will be focused on long-term strategy, ensuring our product team continues to innovate and build towards our vision, and helping folks outside the company understand our mission, vision, product, and culture.
I expect David will help us build the team and see around the corners to ensure we become as ubiquitous among the Fortune 500 as 401k is today. And I’m confident he’ll do it while continuing to build upon that which I see as an end in and of itself: our culture of sharp, kind, truth-seeking pragmatic idealists, who know we can improve things through determination and hard work.