The CEO of $1 billion Evernote is stepping down because he wasn't 'passionate about it'

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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:

O'Neill joins as the company tops 150 million users worldwide and sharpens focus on redefining productivity for the global workforce
REDWOOD CITY, Calif., Jul. 20, 2015 — Evernote, the company whose apps help teams and individuals do their best work, today announced Chris O'Neill has been appointed CEO, effective July 27, 2015. Co-founder Phil Libin has been named Executive Chairman, a role that will allow him to be more actively involved with shaping the next generation of Evernote products.
"Chris brings to Evernote the experience needed to scale the company so that we can create the maximum positive impact on the world," said Phil Libin, Executive Chairman of Evernote. "He's highly regarded as a leader who can grow enormously successful teams while preserving their culture and values. I am both thrilled and honored that he is joining Evernote and look forward to all that we're about to accomplish."
With a skill set that well complements Evernote's current executive suite, Chris will help the company focus on sustaining growth, increasing revenue, and on an overall reimagining of the productivity tools that enhance an increasingly global and mobile modern workforce.
"I'm incredibly excited to work with Phil and the Evernote team to amplify the success they've had building products people both rely on and love," said incoming CEO Chris O'Neill. "Evernote is already helping millions of people accomplish more every day. With over a billion knowledge workers globally and growing, we're only just getting started."
Chris joins Evernote following almost ten years in leadership roles at Google. Most recently, Chris headed global business operations within Google [X]. Prior to that, he led Google Canada, where he was responsible for all aspects of the company's operations in that country.
Chris holds an M.B.A. from the Tuck School at Dartmouth College and a Bachelor of Arts degree with Honors in economics from Huron University College at The University of Western Ontario.

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