Vimeo Inc. Chief Executive Officer Anjali Sud will step down from her position at the business video software company at the end of August.
Sud will be replaced by board member Adam Gross, who will become interim CEO on Sept. 1 while the company searches for a permanent replacement, according to a statement from the company on Wednesday. Gross has served as a member of Vimeo’s board since May 2021. From 2013 to 2018, Gross held several executive marketing and product leadership positions at Salesforce Inc.
“Having spent the last two years working closely with the executive team and the details of the business, I’m thrilled to step into this role to accelerate and streamline the company’s strategy in making video a key part of how every business communicates with its customers, employees, and partners,” Gross said.
Sud, who was appointed to the position in 2017 after previously serving as general manager and head of marketing, is leaving to pursue a new opportunity, according to the statement.
Sud said Vimeo has “a challenging road on the growth side.” The path forward, according to Sud, lies in continuing the company’s pivot from serving consumers to serving businesses in order to make video a strategic tool for companies.
“The need for video is global,” Sud said in an interview, “and we want to be the platform of choice for the largest companies.”
Vimeo was spun off from Barry Diller’s IAC/InterActive Corp. in May 2021. Users of its cloud-based video software range from small customers like schools and coffee shops to large enterprises such as Amazon.com Inc. and Intuit Inc. At a recent price of $4.08, the shares have lost more than 90% of their value since they first began trading.
The company reported first-quarter revenue of $103.6 million, down 4.4% from the same period a year earlier. The unprofitable company said it expects revenue of about $100 million in the second quarter.
