NEW YORK, July 05, 2023: Chief Executive Officer Anjali Sud will be leaving Vimeo to pursue new opportunities, the company announced today. Effective September 1, Adam Gross, an experienced SaaS executive and board member, will assume the interim CEO role while Vimeo searches for a permanent replacement.
Anjali Sud, who became the CEO of Vimeo in July 2017, expressed her confidence in Vimeo’s future and her support for Gross as he takes the reins. Sud has played a pivotal role in shaping Vimeo’s trajectory and guiding its transformation. She stated,
“I believe deeply in the company’s strategy, team, and future success, and will continue to be an enthusiastic supporter for every moment of what comes next.”
Adam Gross stated the following –
“Video is becoming central to how businesses operate, and Vimeo’s proven experience and technology have earned it a leading role in this rapidly expanding opportunity. 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.”
In January of this year, Vimeo announced a significant workforce reduction of 11%, stating challenging circumstances. Anjali Sud had said, “With this reduction, we are well positioned to both invest in our growth priorities and be sustainably profitable, with a strong balance sheet and over 1,000 employees all singularly focused on bringing the power of video to every business in the world,”.
As per Vimeo’s Q1 2023 Financial Results, their revenue decreased 4% year-over-year to $103.6 million, and gross profit decreased 2% year-over-year to $79.9 million. For the Second Quarter, Vimeo expects the revenue to be approximately $100 million.
Vimeo has consistently been underperforming at the stock market, with their stock price taking off at $57 in 2021 (at the time of their IPO) and is currently at $4 as of July 5th, 2023 – a drop of nearly 92%.