Mike Burkland, CEO of Five9, has announced his retirement, stating that it has been a “privilege and an honor to lead this amazing team of Five9ers.”
The news broke during Five9’s Q2 2025 earnings call.
In stepping away, Burkland will end a combined stint of 12 years at the helm, where he has played a central role in turning Five9 into one of the most prominent names in contact center tech.
Under his leadership, Five9 grew from a modest operation with fewer than 100 employees to one of several thousand, eventually reaching a market cap of $11.51BN in late 2020.
While that figure may have sunk since then, it is quite a journey for a startup battling it out at the forefront of a competitive market that includes AWS, Genesys, and NiCE.
When discussing why he stepped down, Burkland pointed to his ongoing health issues and cancer treatment, with the move allowing him to “get back to a more balanced lifestyle.”
However, he was quick to point out that he has no intention of slowing down during the last period of his tenure.
“Until we appoint my successor, I’m committed to working my tail off as we continue to transform Five9 to drive top-line growth and bottom-line profitability,” he said.
As you know, we have made a series of changes over the past several quarters to position the company for the future, and we are beginning to see the positive impact of those changes in our results, including strong bookings, AI momentum, and increased profitability.
During the call, Burkland confirmed that a “comprehensive search” for the successor had already begun.
Following the appointment of a new CEO, Burkland will transition to solely serving as the Executive Chairman of the Five9 Board (a position he currently holds), where he will help to oversee the “smooth transition” to his successor.
But what exactly will a post-Burkland Five9 look like?
What’s Next for Fiv9?
While it is clear to see that Burkland remains fully committed to the company, his retirement is likely to add credence to the rumors circling that Five9 may be gearing up for a sale.
Indeed, the flames had already been fanned with the announcement earlier this week that three senior Five9 executives had exited the company.
A source told CX Today that Niki Hall, Chief Marketing Officer, Jim Doran, EVP of Corporate Strategy, and Tricia Yankovich, Head of HR, were just the first to be confirmed, with broader layoffs expected soon.
If confirmed, this would mark Five9’s third round of layoffs in under a year, following workforce reductions of seven percent in August 2024 and four percent in May 2025.
Prior to 2024, the company had never initiated layoffs in its history.
Burkland addressed the recent layoffs during the earnings call, explaining that the decision was made as part of a strategic restructuring to improve efficiency. He said:
“It’s a bit about cost efficiency, but it’s also about creating better ownership and alignment across these critical functions.”
“And that was part of the reason we made all these changes at once, to really put the executive team in a structure, in my opinion, that we’ve got the best players in the best positions, so to speak, or the right players in the right positions for the future growth of this company.”
However, despite Burkland’s comments, the scale of the cuts suggest that Five9 may be looking to streamline operations ahead of a potential sale.
This suggestion was echoed by Zeus Kerravala, Principal Analyst at ZK Research, who said:
All these executive changes indicate some kind of company transaction will take place soon.
“Private equity has been sniffing around Five9 for some time but it could also be an acquisition or merger.”
Of course, at this point, it is pure speculation, with Five9 not confirming anything, but the company has come under growing investor scrutiny over the past year, with its share price falling by 30 percent year-to-date (YTD) despite consistent double-digit revenue growth.
Moreover, the private equity pressure that Kerravala referred to became more visible at the end of last year, when the CCaaS vendor appointed a board member from Anson Funds: the activist investor that had previously called for a sale.
Now, with Anson and others holding more sway at board level, more rumors around a potential acquisition may be set to intensify.
What Will Five9 Look for in Its Next CEO?
While speculation around a potential sale continues to swirl, Five9 told investors that it’s already laying the groundwork for its next chapter, which Burkland insists will be led by a CEO who can build on the company’s recent momentum.
During the earnings call, Burkland offered some insight into what the board is looking for in his successor.
Interestingly, this time the focus appears to be less on familiarity with communications tech and more on broader innovation and operational scale. That could be crucial as AI pulls the contact center into broader transformation projects.
“We’re going to go attract the best CEO in the market,” he said, highlighting three top priorities: a strong track record of innovation (particularly in AI), a history of delivering operational excellence at scale, and a growth mindset capable of steering the company toward $2BN, $5BN, or even $10BN in revenue. In 2024, Five9 reached the $1BN milstone in annual recurring revenue (ARR) for CCaaS.
“It’s going to be much more AI and innovation focused as opposed to comms,” he added, noting that while industry knowledge is a bonus, it won’t be the deciding factor.
In short, Five9 isn’t looking to maintain the status quo; it’s seeking a leader who can accelerate its evolution.
Who that person will be, and how their vision aligns with investor expectations, may prove just as pivotal as any acquisition talk in shaping what comes next.
