Dwolla co-founder Milne to step away from CEO role

Dwolla co-founder Ben Milne is quitting as CEO as the company embarks on a new "go to market" strategy.

Imparting the news in a blog post, Milne says the decision to step away from the day-to-day running of the company came during a six-month search for a new chief operating officer.

"After 6 months of discussions and interviews we realized collectively that we, myself included, are looking for a new CEO."

Milne intends to retain his seat on the board and remain involved in the company, but did not elaborate on his future plans beyond Dwolla.

Founded in 2010 as consumer money transfer Web-based service, Dwolla was forced to pivot under competitive pressures from app-based rival services and now sells a platform for B2B money transmission.

Milne's departure coincides with other unspecified strategic changes at the company that have led to lay-offs further down the line.

"With this change the company is also changing," says Milne. "We modified our go to market strategy a few weeks ago and we reorganized the organization this morning as well. That means some really great people are out looking for their next adventure."