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MongoDB (MDB) announced Monday that after 11 years at the helm, CEO Dev Ittycheria will be stepping down from his role.
Taking the reins will be Chirantan “CJ” Desai, formerly President of Product and Engineering at Cloudflare (NET), effective November 10th. Ittycheria will remain on the company’s board, ensuring a smooth transition and continued strategic guidance.
“As part of our standard succession planning at the beginning of the year, the board enquired about my long-term vision and ability to commit for another five years,” Ittycheria revealed in an interview. “After careful consideration with my family and the board, I determined that I couldn’t make that commitment.”
Ittycheria’s tenure at MongoDB has been marked by significant growth and strategic shifts. Prior to MongoDB, he served as President of BMC, following its acquisition of BladeLogic, a company he co-founded and led to a successful IPO in 2007. He also boasts a background as an investor with prominent venture capital firms, OpenView and Greylock.
Under Ittycheria’s leadership, MongoDB underwent a pivotal transformation, culminating in its IPO in 2017. The company gained immense popularity among software developers due to its document-oriented database architecture, offering flexibility in storing diverse data types, effectively challenging established players like Oracle (ORCL). This adaptability has become increasingly important in today’s data-intensive landscape.
Ittycheria spearheaded the company’s strategic pivot towards cloud subscriptions, securing pivotal multi-year deals and forging partnerships with leading cloud providers such as Amazon (AMZN) and Microsoft (MSFT). Furthermore, the company expanded its capabilities into the burgeoning field of generative AI, demonstrating a commitment to innovation and adapting to evolving market demands. This move positions MongoDB to capitalize on the growing demand for AI-powered applications and services.
MongoDB’s stock closed on Friday at $359.82, reflecting a fifteenfold increase since its IPO, valuing the company at nearly $30 billion. The company’s most recent financial results unveiled a narrowing net loss, dropping to $47 million from $54.5 million year-over-year, alongside a 24% increase in revenue to $591 million for the July quarter. These figures indicate strong financial performance and a continued growth trajectory.
Cloudflare disclosed in a regulatory filing that Desai would be departing on November 7th to assume the CEO position at another publicly traded company. Desai’s prior experience includes serving as operating chief at ServiceNow (NOW), with a brief departure in July 2024 due to a policy violation related to hiring practices. He also held prior leadership roles at EMC and Symantec.
“We connected with individuals closely associated with ServiceNow, as well as others thoroughly familiar with CJ, to gain assurance that he is the appropriate candidate to guide MongoDB into its next chapter,” Ittycheria stated.
Desai, whose initial career began at Oracle, plans to divide his time between New York and the San Francisco Bay Area.
Looking ahead, MongoDB anticipates surpassing the upper end of its guidance for both revenue and adjusted earnings per share in the fiscal third quarter. The current guidance projects per-share earnings of 79 cents and revenue of $592 million at the high end.
Desai emphasized his ambition to elevate MongoDB to “$5 billion-plus in a durable, profitable way, in revenues, and most importantly, to be the gold standard for modern database technology, no matter what kind of workloads exist.” He did not specify a timeline for achieving this revenue milestone. Analysts will be closely watching Desai’s strategy for scaling the business and maintaining profitability in an increasingly competitive market.
Executives are scheduled to discuss the leadership transition on a conference call with analysts at 10 a.m. ET.
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