The Chief Human Resource Officer (CHRO), Sumar Gopalan, and the Chief Marketing Officer (CMO), Stacey Epstein, have reportedly resigned from their positions at NASDAQ-listed SaaS unicorn Freshworks. As per a report by The Captable, both executives expects to conclude their tenures with the company in the near future.
CHRO Gopalan’s Perspective
CHRO Gopalan expressed his thoughts on this development, stating, “Having undergone this incredible and intense journey over the past five and a half years, I believed it was the opportune moment for me to step beyond my comfort zone and embark on a new adventure.”
Independent Departures and Search for Replacements
Freshworks, in a statement, clarified that the departures of the two executives were independent decisions. The company has initiated the process of identifying potential replacements for the roles. The SaaS company mentioned, “After being integral to Freshworks for years, Suman and Stacey have independently chosen to move on. They have diligently continued their responsibilities while supporting the quest for strong successors to ensure smooth transitions for their respective teams.”
Freshworks Fresh Leadership Incoming
Freshworks already filled the vacant CHRO position, and the new appointee is set to begin duties at the end of August. Simultaneously, the company is actively evaluating candidates for the CMO role. The company acknowledged the contributions of the departing executives in steering Freshworks through its IPO and public company phase.
Freshworks Financial Performance and Past Changes
This development follows Freshworks’ recent report of a net loss of $35.66 million in the quarter ending June 30, 2023, marking a 48.9% decline YoY. Despite this, the company achieved an adjusted operating profit of $3.88 million in the January-March quarter of 2023. Notably, this departure also comes nearly a year after the departure of the company’s Co-founder and CTO Shan Krishnaswamy in September.
Additionally, the company underwent senior-level layoffs in the later part of the June quarter, particularly in product, engineering, and go-to-market (GTM) teams, though the company clarified that these were not company-wide layoffs. As Freshworks faces these changes, it remains poised to navigate the evolving landscape of the SaaS industry.
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