The co-founder of payments company Splitit, Gil Don, will step down from his role as chief executive and take up a new role as general manager EMEA. He will remain on the company's board. Splitit's managing director North America, Brad Paterson, will take over as CEO.Paterson joined Splitit in June. He has held executive roles at PayPal and Visa and also at the financial software company Intuit. Splitit was founded in 2009 and was listed on the ASX in January this year. The other co-founder Alon Feit, is the company's chief risk officer and a director.The company has developed a payment method that allows consumers to use an existing debit or credit card to pay for purchases on an instalment basis, fee and interest free.The company said in a statement that since Paterson had joined the company he had demonstrated that he was the right person to lead it in its next phase of development.