Freshworks CEO Mathrubootham Hands Over Reins To Insider, Shares Fall
Mathrubootham said he will continue to serve Freshworks in his new role.
Freshworks' founder, Girish Mathrubootham, has resigned from the helm of the company's day-to-day affairs, handing over the reins to an internal candidate. Dennis Woodside, president of the customer relationship management software maker, will take over as Chief Executive Officer, while Mathrubootham will be the firm's executive chairman.
"I have decided to step down as CEO of Freshworks and transition into the role of Executive Chairman. This decision was not made lightly and comes with a deep belief in our collective vision and the future of our company," Mathrubootham wrote in a company blog post late on Wednesday.
Mathrubootham said he will continue to serve Freshworks in his new role.
"(I will be) focusing on our long-term product vision and AI, spending more time with our teams in India, and being a trusted advisor to Dennis... The road ahead is filled with limitless possibilities, and I am excited to see where Dennis' leadership takes us," he added.
Freshworks is one of the many companies founded in India and moved abroad to list for more mature markets and fundraising abilities. Mathrubootham, who founded the company in 2010 in Chennai, lead it to go public on the Nasdaq stock exchange in 2021.
Following the announcement, shares of the San Mateo, California-listed company fell as much as 24.6% to $13.75 in after-hours market trading.
