MongoDB CEO Dev Ittycheria steps down, replaced by

• After resigning from ServiceNow, Desai spent the past year as Cloudflare's President of Product and Engineering.

• Database software maker MongoDB said on Monday that CEO Dev Ittycheria is stepping down after an 11-year tenure.

• MongoDB said Chirantan "CJ" Desai, who spent the past year as President of Product and Engineering at Cloudflare, will replace Ittycheria effective November 10. Ittycheria will remain on the company's board.

• "Earlier this year, I would say, as part of our normal succession planning process, the board asked me about my long-term plans and whether I could continue as CEO for the next five years," Ettycheria told CNBC in an interview. "I thought about it a lot, and I talked to my family, I talked to the board, and ultimately I realized that I couldn't make a decision like that."

• Before joining MongoDB, Ettycheria was president of BMC, which acquired his company, BladeLogic, in 2008 for $854 million. As co-founder and CEO of BladeLogic, Ettycheria took the company public in 2007. He has also been an investor in venture firms OpenView and Greylock.

• Three years after taking the helm, Ettycheria led MongoDB's IPO in 2017. The company won the hearts of individual software developers thanks to its database architecture, which could store a variety of data in documents, and challenged market giants like Oracle.

• Under Etcheria's leadership, the company prioritized cloud subscriptions, secured multi-year deals, partnered with rival cloud providers Amazon and Microsoft, and expanded the software's capabilities to generative artificial intelligence.

• On Friday, MongoDB's stock closed at $359.82, representing a fifteen-fold increase since its IPO and boosting the company's market capitalization to nearly $30 billion. MongoDB's net loss in the July quarter narrowed to $47 million from $54.5 million a year earlier, while revenue rose 24% to $591 million.

• Cloudflare said in a filing on Thursday that Desai will step down on November 7 and become CEO of "another notable, publicly traded company." Desai previously served as Chief of Operations at ServiceNow. He resigned in July 2024 after the software company discovered policy violations in the appointment of the US Army's Chief Information Officer. Desai previously held leadership positions at EMC and Symantec.

• Etcheria said, "We have spoken with people close to ServiceNow, as well as others who know CJ well, and we are confident that CJ is the right person to lead MongoDB into this next era."

• Desai, whose first job after college was at Oracle, said he will split his time between New York and the San Francisco area.

• MongoDB also said it expects to exceed its highest levels of revenue and adjusted earnings per share in the fiscal third quarter. Its highest levels were earnings per share of 79 cents and revenue of $592 million.

• Desai said he is eager to grow MongoDB sustainably and profitably, reach revenues of over $5 billion, and, most importantly, become the gold standard for modern database technology, regardless of workload size. He did not provide a timeframe for the revenue target.

• Executives will discuss the leadership change on a conference call with analysts at 10 a.m. Eastern time.