Seattle-based financial data firm PitchBook on Wednesday announced its founder, John Gabbert, is stepping down as CEO.
Gabbert will work with Kunal Kapoor, CEO of PitchBook parent company Morningstar, to find a successor over the next several weeks, according to PitchBook. Rod Diefendorf, PitchBook's chief operating officer, and the rest of the executive team will pick up the management duties in the meantime.
"I’m proud of the business and culture we’ve built together and am confident in the leadership team and talent we have to continue driving PitchBook’s success," Gabbert said in a news release.
In a statement to the Business Journal, a PitchBook spokesperson said Diefendorf and the rest of the company's leadership are aligned on PitchBook's goals. The spokesperson added that the company will continue on its plan pursue data and launch new products, and Gabbert will stay with the company until a replacement is found.
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Gabbert founded PitchBook in 2007. Earlier in his career, he was the managing director of private markets at Dow Jones. He spent about three years there before launching PitchBook, according to his LinkedIn page.
PitchBook provides data on venture capital, private equity, and merger and acquisitions markets. The company has more than 3,000 employees and more than 100,000 users. In addition to its Seattle headquarters, PitchBook has offices in London, Singapore, New York City and San Francisco.
In 2016, Chicago-based research and investment firm Morningstar acquired PitchBook in a $225 million deal. According to Morningstar's first quarter 2024 financial results, released in April, PitchBook generated $147.6 million in revenue during the quarter, up 12.6% year over year.
“John has been a fantastic steward of the business he founded, and investors have more transparency into private markets because of it," Kapoor said in the release.
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