One day after his 15-year-old company announced a $50 million funding round, co-founder Jeremy Hitchcock is stepping down from the chief executive's office at Dyn, according to a report.
Hitchcock started Dyn in his dorm room at Worcester Polytechnic in 2001 and led the Internet performance management company from its headquarters in Manchester, N.H., bootstrapping it for more than 10 years before raising its first funding, a $38 million Series A in 2012. It now has an annual run rate of $100 million and counts Twitter and Netflix among its customers, Chief Strategy Officer Kyle York told BostInno this week. Dyn employs 440 people and plans to grow to 500 by end of year, he said.
Dyn's Series B was led by new investor Pamplona Capital. In an interview with TechCrunch, which reported the news of his move, Hitchcock said he wasn't pushed out.
“I’ve done a nice and effective job of getting the company from A to B, but now I’m thinking about helping the company get from B to C,” Hitchcock said. “In terms of day-to-day leadership, I’ve made the decision that I’m not the best person for this specific role.”
He's replaced--for now--by executive chairman Jim Baum, who will presumably start a search for a permanent CEO. Baum, formerly of Endeca and Netezza, has been on the Dyn board since 2014. He's currently a venture partner at Boston-based OpenView.
Hitchcock will continue as a full-time employee of Dyn in a biz dev role, under the title of founder, TechCrunch reported.
Hitchcock couldn't immediately be reached for comment.
