In a significant internal restructuring, Girish Mathrubootham, the CEO of Freshworks, has transitioned to the role of Executive Chairman, while Dennis Woodside has been appointed as the new Chief Executive Officer effective May 1.
Expressing his sentiments on the transition, Mathrubootham likened it to a father witnessing his beloved daughter’s marriage, acknowledging the company’s growth over the years. He emphasized his continued commitment to Freshworks’ long-term product vision, innovation, and AI strategy.
This transition comes alongside a notable drop in Freshworks’ shares, declining nearly 25% on May 2nd and currently trading at $13.75 apiece.
Mathrubootham’s move allows him to focus more on guiding the company’s product teams in India and engaging with customers globally. It also aligns with his investment journey, including the launch of the ‘Together’ venture fund aimed at backing early-stage software product companies.
Under Mathrubootham’s leadership, Freshworks underwent a transformative journey, culminating in its IPO on Nasdaq in September 2021, making it the first India-born SaaS firm to trade on a US exchange.
Dennis Woodside, the newly appointed CEO, brings a wealth of experience from his previous roles, including Chief Operating Officer of Dropbox and various leadership positions at Google.
The leadership transition coincides with several management changes within Freshworks, including the appointment of Abe Smith as the global field operations leader and Mika Yamamoto as the Chief Customer and Marketing Officer.
Freshworks reported consolidated revenue of $165.1 million in Q1 of 2024, reflecting a 20% year-on-year increase, with non-GAAP operating profit rising to $21.8 million.
As Mathrubootham assumes his new role as Executive Chairman, Freshworks looks ahead to a new chapter under the leadership of Dennis Woodside, poised to drive continued growth and innovation in the SaaS industry.
