Edith Harbaugh, Co-Founder of Catamorphic (DBA: LaunchDarkly), will be stepping down from her role as CEO and will be succeeded by Rubrik President Dan Rogers, according to Bloomberg. The move will see Harbaugh shift to the position of executive chair of the company.
Oakland, CA-based Catamophic offers LaunchDarkly, a dashboard product that allows managers to control access to their products. It also provides user-determined statistical feedback for specific product features.
According to Mary D’Onofrio, a partner at Bessemer Venture Partners, which invests in LaunchDarkly, the decision to replace Harbaugh with Rogers as CEO is not a negative reflection on Harbaugh but rather an optimistic move that reflects confidence in Rogers’ ability to scale the business further. D’Onofrio believes that LaunchDarkly already has “tremendous existing momentum” due to Harbaugh’s efforts, which have brought the company to $100 million in annual recurring revenue.
Harbaugh expressed that her new role will allow her to spend more time doing things she loves, such as meeting with customers. When asked about how LaunchDarkly has been impacted by the challenging environment for tech valuations and increased industry pressure to achieve profitability, she emphasized that the need to run a company as a business is not a new or surprising concept for the company.
When asked if the company was preparing for an IPO, Rogers responded, “It’s going to be a high bar for any company that goes public. It will be a great, enduring company when the time comes.”
Both Catamorphic and Rubrik are Prime Unicorn Index components. According to the Index, both companies have a valuation of around $3.1B.