The founder and former Chief Executive of Domo will once again be running the company with a fresh team around him.
News of the executive reshuffle arrived as the company revealed its better-than-expected Q4 financial results. Evidently, the changes at the top were not masked by the positive financial results, as the company’s stock took a tumble soon after.
Josh James, who replaces John Mellor, has given no explanation as to why he has chosen to return, mirroring his exit last year.
The Former CEO and Director of Domo, John Mellor, has stepped down from both of these roles.
Mellor gave his parting words, following four years with the company: “It has been an honor and a privilege to be part of the Domo team for nearly four years and to lead as CEO for the past year.
“Domo has a highly engaged, talented team that operates with incredible commitment and integrity.
The team’s dedication to our customers is among the many reasons that I am confident Domo will continue to be a market disruptor as we bring innovative solutions to customers.
Domo was founded by John James in 2010, who helped to make the company a serious figure in the BI software industry, taking it public eight years later. James mysteriously chose to step down as CEO without providing any explanation at a time the company was taking off.
Last March, James was replaced by Mellor, Domo’s Chief Strategy Officer, who will now exit with the same unanswered questions as when he took up the role.
Speaking after his return to CEO, Josh James, Domo Founder and Chief Executive Officer, said: “I am encouraged and invigorated to lead Domo as CEO once again and take our company to the next level.
“Over the past year, John and the team have delivered substantial customer value, and John has structured the management team in a way with which I’m very pleased.
“Thanks to his hard work and stewardship, Domo has a sizeable and healthy pipeline with strong demand for our products and services continuing into 2023. I join my fellow directors in wishing him all the best.
I am extremely excited about these new additions to our management team and the internal alignment created over the last year between sales, client services, marketing, and product to help our teams better attract and serve customers.
“Combined with the customer value we are delivering, we have formidable momentum to execute in the year ahead.”
Other executives in Domo’s reshuffle include David Jolley, the incoming Chief Financial Officer, and Jeff Skousen, who becomes the company’s Chief Revenue Officer. Dan Strong and Renée Soto are joining the Board of Directors. Following these appointments, there are now seven members on Domo’s board of directors.
Domo’s Q4 2023 Results
Domo’s net loss of $19.8 million for the quarter is down from the $33.2 million loss this time last year. After cost deductions, the share price only took a two-cent dip. Meanwhile, revenue rose 14 percent to $79.6 million, putting the company firmly ahead of expectations. Wall Street had predicted Domo would be down nine cents per share with a revenue of $77.5 million.
For the full year, Domo recorded a net loss of $105.6 million, which is slightly over its $102.1 million loss the previous year. Domo’s revenue for the year increased 20 percent to $308.6 million.
The revenue outlook for 2024 is expected to be in the range of $323 million to $330 million.
Domo is a low-code data app platform that leverages the power of BI to aggregate company data and applies it to all business processes and workflows.
In May 2022, Domo beat Microsoft and Salesforce as a top-rate vendor for self-service BI. The company was also named a leader in BI the year before in the same Dresner report.