Freshworks announced that founder Girish Mathrubootham will transition from his role as Chief Executive to become the Executive Chairman. Concurrently, Dennis Woodside will assume the position of CEO at the CRM software company.
In a post on X, Mathrubootham said, "After spending almost 14 years since founding Freshworks as a tiny startup in Chennai, to scaling it to be a global Saas player and the first Indian Saas company to list on Nasdaq, I’m excited to announce that I’m stepping into a new role as Executive Chairman of Freshworks".
Woodside became a part of Freshworks as president in 2022, bringing with him a distinguished professional history that encompassed positions such as president at Impossible Foods, COO at Dropbox, and CEO at Motorola Mobility. Meanwhile, Mathrubootham established the company in 2010 in Chennai, a city in Southern India, and led its journey to becoming publicly listed on the Nasdaq stock exchange in 2021.
In a note to employees, he said the decision to step down as CEO was not taken lightly. "A couple of years ago, I started talking with our board about my longer-term plans for Freshworks. I shared that when the time is right, I would like to shift my focus to our long-term product vision and invest in our presence in India. These are areas where I get the most energy and where I’m also playing to my strengths", his note read.
Mathrubootham said the decision was an emotional one for him. "Freshworks is my baby, and over the years, I have seen her grow as a toddler trying to walk, a child growing really fast, and a teenager growing stronger. The emotions running through my mind are similar to a father experiencing his beloved daughter’s marriage, happy and sad at the same time, knowing fully well that she has found the right one and is going to accomplish greater things in life", he told employees. Additionally, it projected second-quarter revenue to range between $168 million and $170 million, falling short of market estimates of $172.1 million, as reported by LSEG data.