Robinhood co-founder Baiju Bhatt will be leaving his post as co-CEO, according to a report from Fortune, which the company confirmed.
The CEO role will now be occupied solely by Vlad Tenev, who co-founded Robinhood with Bhatt and previously shared the CEO role with him. Bhatt will remain on Robinhood's board of directors and support strategic initiatives in his role as co-founder.
Earlier this week, Bloomberg reported that Robinhood has set its sights on an IPO in the first quarter of 2021. The company reached a $11.2 billion valuation after it closed its $200 million series G funding round in August.
This post has been corrected.