Key Takeaways:

  • Navan CFO Amy Butte will officially step down on January 9, 2026. The company announced this on Monday when releasing its fiscal third-quarter 2026 earnings—its first report since completing its initial public offering (IPO) at a $6.2 billion valuation in late October. According to a filing with the U.S. Securities and Exchange Commission (SEC), Chief Accounting Officer Anne Giviskos will serve as interim CFO while the company searches for a permanent successor.
  • Butte joined the Palo Alto, California-based company as CFO last year, when Navan (formerly TripActions) was beginning preparations for its IPO. She initially joined as a board member and chair of the audit committee before assuming the CFO role in June 2024. She previously served as head of finance at the New York Stock Exchange, where she helped guide the exchange through its transition to a public entity in 2006.
  • "Just as she did in her early days at the New York Stock Exchange, Amy helped us build our finance organization and prepared the company for the public markets," Navan co-founder and CEO Ariel Cohen said on Monday's earnings call regarding Butte's impending departure. "With our public listing complete and the business maintaining strong momentum, now is the right time for her to pursue her next opportunity."

Deep Dive:

According to the SEC filing, Butte will remain as an advisor after her departure, serving "until the earlier of the date a permanent full-time CFO is appointed and May 1, 2026."

The filing shows that as compensation for her advisory role, she will receive an amount equal to six months of base salary, plus a pro-rated annual target bonus for the fiscal year ending January 31, 2027, and a one-time cash payment of $3.7 million. Additionally, as of January 9, 2026, her unvested restricted stock units and stock options will receive 100% accelerated vesting, along with other related benefits.

Giviskos, who will serve as interim CFO, also previously worked at the NYSE. According to the filing, she has served as Navan's Chief Accounting Officer and Senior Vice President of Strategic Finance since June of last year. She previously served as Chief Risk and Compliance Officer at Euronext and spent a decade at the NYSE starting in 2004—overlapping with Butte's tenure as NYSE CFO, which began the same year.

According to the filing, as interim CFO, Giviskos will receive an annual base salary of $500,000 and an annual incentive bonus opportunity of up to $250,000 for the fiscal year ending January 31, 2027.

"I am proud of what we have accomplished at Navan, including the successful IPO, and I wish the company and its leadership team continued success," Butte said on Monday's earnings call.

Shares of the travel platform fell about 15% on the news of the CFO change and widening net losses, extending a downward trend in Navan's valuation. Butte's departure comes roughly two months after the company's IPO. The IPO closed on October 29, raising $923 million at a $6.2 billion valuation—about $3 billion lower than the $9.2 billion valuation investors gave the company in 2022, according to CNBC.

However, according to TechCrunch, Navan's valuation dropped another 20% to $4.7 billion on its first full day of trading—partly possibly due to the unusual regulatory uncertainty surrounding its listing.

According to TechCrunch, Navan is reportedly the first company to complete an IPO using a "workaround" implemented by the SEC during the government shutdown. The rule allows companies to automatically receive approval 20 days after filing their registration statement. However, the SEC retains the right to review such filings at a later date, meaning companies may need to amend their IPO documents if regulators find material misstatements—a risk TechCrunch analysis suggests likely contributed to the 20% stock drop on the first full trading day.

Executives on Monday described Navan's third-quarter results as a "strong debut" for the company as a public entity. In the quarter ended October 31, Navan reported total revenue up 29% year-over-year to $195 million, with total bookings up 40%. However, the company's net loss for the quarter also widened to $225 million from $42 million in the same period last year.

Butte expressed confidence on the earnings call in the company's ability to grow and improve efficiency, noting that Navan's IPO "significantly strengthened our balance sheet."

"We streamlined our capital structure to improve our cost of capital and reduce future interest expenses," Butte said. "We believe that as a public company, we will have more favorable terms, which will enhance operational efficiency, and a healthy balance sheet also allows us to expand our business capabilities. We expect payments revenue to grow over the long term as we are able to extend credit to more customers in the future."

Navan did not immediately respond to a request for comment.