Hootsuite CEO to step down, announces the search for successor on social media
Ryan Holmes who founded Hootsuite in 2008 and led the company for 11 years now has decided to step down. Holmes announced his plans on social media and networking platforms LinkedIn and Twiiter.
"It's been an honor of my lifetime to lead Hootsuite from a small company to a global enterprise of more than 1,000 employees supporting over 20,000 organizations. I'm extremely proud of what our world-class team has built together and am even more excited about what the future holds," wrote Holmes on LinkedIn.
Hootsuite makes tools for enterprise social media managers to monitor and post content across Facebook, Twitter, LinkedIn and other platforms.
In April year, when Hootsuite reportedly laid off about 10 percent of its workforce, there was speculation that the company might be gearing up for a sale or an initial public offering. However, Holmes in an interview with Financial Post confirmed that the company explored the possibility of a sale in 2018 but nothing came of it.
Now as Holmes announces his plans to step down he makes it clear that business is on a solid footing, before people start doubting Hootsuite's current situation.
While in his post on LinkedIn he doesn't specify the reason of his exit, in a report he shared he is stepping back now because he wants to spend more time with his family, something that has become a bigger priority since the birth of his daughter.
“It’s not a snap decision,” he said. “I’m down to Mexico right now with my family and spending a bit of time with them. And, you know, I want to really enjoy this chapter.”
The Vancouver-based social media management company has now started the search for next CEO. Holmes himself annonced it on LinkedIn. He wrote, "It’s with a grateful heart that I’m announcing the start of a search for Hootsuite’s next CEO candidate."
As Hootsuite gears up for this new phase under new leadership, Holmes clarifies that the company is on track for $200 million in annual recurring revenue this year and is optimistic about the opportunities the market holds for its business. How soon is Holmes able to find his successor, someone who is able to lead the business and the brand with same love and passion like he did is to watch out for. After the hunt for the next CEO is over, Holmes would also need to spend a good time with the new leader to help him transition to the new role smoothly.
Image Credits: CNBC