Sridhar Vembu, the founder of the Zoho Corp, has stepped down as the CEO of the software firm. Vembu wrote on social media platform X that he would focus on research and development as the ‘chief scientist’ of the company.
Vembu said, “ I will step down as CEO of Zoho Corp and take a new role as Chief Scientist, responsible for deep R&D initiatives.”
Vembu named the company’s cofounder Shailesh Kumar Davey as the new CEO.
“Our co-founder Shailesh Kumar Davey will serve as our new group CEO. Our co-founder Tony Thomas will lead Zoho US,” he added.
The Chennai-based company reported consolidated revenue of Rs 8,703 crore in the financial year 2023 (FY23), up nearly 30% year-on-year. Its revenue was primarily driven by the sale of proprietary enterprise IT management software and business application software under its flagship brands, Manage Engine and Zoho.
In FY23, it additionally earned Rs 16.6 crore from its other operating activities.
Here is the full text of Vembu’s post:
A new chapter begins today.
In view of the various challenges and opportunities facing us, including recent major developments in AI, it has been decided that it is best that I should focus full time on R&D initiatives, along with pursuing my personal rural development mission.
I will step down as CEO of Zoho Corp and take a new role as Chief Scientist, responsible for deep R&D initiatives. Our co-founder Shailesh Kumar Davey will serve as our new group CEO. Our co-founder Tony Thomas will lead Zoho US. Rajesh Ganesan will lead our ManageEngine division and Mani Vembu will lead the http://Zoho.com division.
The future of our company entirely depends on how well we navigate the R&D challenge and I am looking forward to my new assignment with energy and vigor. I am also very happy to get back to hands on technical work.
source: https://cio.economictimes.indiatimes.com/news/cio-movement/sridhar-vembu-steps-down-as-zoho-ceo-takes-on-chief-scientist-role/117604695
