MongoDB Names Cloudflare’s Chirantan Desai As New CEO, Stock Jumps 9%

• Desai was most recently the President of Product and Engineering at Cloudflare, where he drove product strategy and execution during a period of strong revenue growth.
• MongoDB noted that Ittycheria will remain on the company’s board and serve as an advisor to Desai, helping with the execution of the company's long-term strategy.
• The company stated that, based on preliminary results, it expects to exceed the high end of the provided third-quarter forecast for revenue and profit, driven by continued strength in Atlas. 

MongoDB (MDB) said on Monday that it has named Cloudflare executive Chirantan Desai as its new Chief Executive Officer, effective November 10, succeeding long-time head Dev Ittycheria.

Shares of MongoDB jumped nearly 4% in early trading. The company said that Ittycheria has been leading MongoDB for 11 years and has announced his decision to retire from a full-time operating role.

MongoDB noted that Ittycheria will remain on the company’s board and serve as an advisor to Desai, helping with the execution of the company's long-term strategy.

Retail sentiment on MongoDB remained unchanged in the ‘extremely bullish’ territory, with message volumes at ‘extremely high’ levels, according to data from Stocktwits.

Desai’s Cloud And AI Experience

The company stated that Desai joins MongoDB with over 25 years of experience in pioneering technology solutions for cloud infrastructure, enterprise software, cybersecurity, AI, and large-scale SaaS platforms.

He was most recently the President of Product and Engineering at Cloudflare, where he drove product strategy and execution during a period of strong revenue growth and stock performance for the company, according to MongoDB.

Prior to joining Cloudflare, Desai served as President and Chief Operating Officer at ServiceNow, where he helped the company scale organically from $1.5 billion to over $10 billion in annualized revenue.

“His deep understanding and early deployment of AI in the enterprise will be invaluable as MongoDB continues to deliver for its customers,” said Tom Killalea, Chairman of the MongoDB Board of Directors.

MongoDB’s Q3 Outlook

The company stated that, based on preliminary results, it expects to exceed the high end of the provided third-quarter forecast for revenue and profit, driven by continued strength in Atlas. 

MongoDB had forecast third-quarter revenue of $587 million to $592 million in August and adjusted earnings per share of $0.76 to $0.79.

Shares of MongoDB have gained 60% this year and have risen over 39% in the last 12 months. 

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Also See: CIFR Stock Surges On $5.5 Billion, 15-Year Lease Agreement With AWS

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