The CEO of $1 billion Evernote is stepping down because he wasn't 'passionate about it'
Phil Libin will step down as Evernote CEO and be replaced by former Google exec Chris O'Neill, Recode reported on Monday. Libin will remain as executive chairman.
The move comes a month after Libin revealed in an interview with The Information of his intention to step down.
Libin told Recode that his decision to resign is largely due to his lack of passion leading a company that's about to go public. He's said in previous interviews that he's more interested on the product side of the business.
"I've always said that I wouldn't be the company's last CEO. And I realized years ago that I didn't want to be the CEO when the company went public...I realized I wasn't passionate about being the CEO who will take this company public and that I should find someone who will be passionate about it," Libin told Recode.
Serving as CEO of a public company typically involves a lot more work than running a private startup, such as dealing with quarterly earnings calls, ramping up sales and marketing teams, while being transparent with shareholders. Libin said he's more passionate about working with "small teams of nerds" on "specific actionable things," according to Recode.
O'Neill formerly led the Google Glass project for 13 months, before leaving his position in June. He's been with Google since 2005, filling in various executive roles at Google Canada and Google X.
O'Neill will officially take over the CEO role next Monday.
Evernote is one of the most popular note taking and work collaboration apps. It has over 150 million users worldwide, with more than 20,000 companies using its premium business product. So far, it's raised roughly $290 million, and is reported to be worth $1 billion.
Evernote confirmed the news in the press release below:
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