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jducoeurThe press release just went out, so I can actually talk about it now: we've got a new CEO.
The weird bit is that the CEO transition was mostly the idea of the founding one. The founder of course owns a lot of stock, and he stepped back a little while ago and decided that he's a good entrepreneur, but wasn't the best possible person to bring the company up to the next level. So he led the search for his own replacement, to find someone who is less about "take an idea and build a new company around it", and more about "take the success and efficiently build on it".
This is something like my fifth startup, but it's the first one that's is clearly succeeding on all levels, and all but certain to become a major player. (The check fraud system I've been working on for the past year is on the verge of release, and looks like it's going to shake up the market something fierce.) And it's the first time I've ever seen a CEO succession (at a company I'm working at) explicitly due to success, rather than failure...
The weird bit is that the CEO transition was mostly the idea of the founding one. The founder of course owns a lot of stock, and he stepped back a little while ago and decided that he's a good entrepreneur, but wasn't the best possible person to bring the company up to the next level. So he led the search for his own replacement, to find someone who is less about "take an idea and build a new company around it", and more about "take the success and efficiently build on it".
This is something like my fifth startup, but it's the first one that's is clearly succeeding on all levels, and all but certain to become a major player. (The check fraud system I've been working on for the past year is on the verge of release, and looks like it's going to shake up the market something fierce.) And it's the first time I've ever seen a CEO succession (at a company I'm working at) explicitly due to success, rather than failure...
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Date: 2010-10-15 10:14 pm (UTC)Endeca did that twice. Once before I got there, when Steve Papa (founder CEO) handed off the CEO job to Jim Baum, because the company had gotten too big for him; then again, when Jim Baum stepped down because the company had gotten too big for him. The explanation the second time was that going from $0 to $5M was one problem, then from $5M to $50M was another problem, then from $50M to $500M was yet another.
Mind you, I'm not sure how well the second time worked out; I left about 6 months later, and they still hadn't found a permanent CEO.