Navan names Butte as new chief financial officer

TMC Navan has named Amy Butte as its new chief financial officer in what could be a sign the company is getting closer to its long-awaited initial public offering (IPO).

Butte joined Navan’s board of directors in April as audit committee chair and she has stepped down from this position to take up the CFO position this month.

In its announcement, Navan (formerly known as TripActions) noted that Butte has taken companies public in various roles, including as a banker, analyst and board director as well as CFO.

She has worked in the financial industry for more than 25 years, including serving as CFO for the New York Stock Exchange during its IPO in 2006.

“After meeting Amy, we quickly decided that she was the right person to take Navan into its next stage of growth,” said Ariel Cohen, Navan’s CEO and co-founder.

“Amy’s eye for transformative companies is a reflection of her deep experience, knowledge and passion, and we’re confident that she will best position us for future success.”

Navan’s IPO plans have been a longstanding topic of discussion in the industry, with the company having reportedly filed confidential paperwork for an IPO in 2022.

A Navan spokesperson said there is no update on its IPO plans. While Cohen said in a recent interview with US TV station CNBC that an announcement was not far off with the company expected to achieve profitability for the first time this year but he added that no date has been set.

In a post on Navan’s blog, Butte said she decided to take the position as “an advocate for forward-thinking, innovation and the public markets”.

“Is Navan a candidate for the public markets?” Butte said in the blog post. “To my mind, becoming a public company means setting the bar higher and increasing focus. It means access to capital to invest in new avenues for growth.”