Sridhar Vembu, the visionary behind Zoho Corp, has announced his departure from the role of CEO of the software company. In a message posted on social media platform X, Vembu expressed his intention to concentrate on research and development in his new role as ‘chief scientist’ at the company.
Vembu stated, “I will step down as CEO of Zoho Corp and assume the role of Chief Scientist, with a focus on deep R&D initiatives.”
He appointed Shailesh Kumar Davey, one of the company’s co-founders, as the new CEO.
“Our co-founder Shailesh Kumar Davey will take on the role of our new group CEO. Our co-founder Tony Thomas will oversee Zoho US,” he elaborated.
The Chennai-based firm announced a consolidated revenue of Rs 8,703 crore for the financial year 2023 (FY23), reflecting a nearly 30% increase year-over-year. This revenue was significantly bolstered by sales of proprietary enterprise IT management and business application software under the well-known brands, Manage Engine and Zoho.
In FY23, the company also generated Rs 16.6 crore from other operational activities.
Below is the complete text of Vembu’s announcement:
A new chapter begins today.
Considering the myriad challenges and opportunities ahead of us, especially following significant recent advancements in AI, it is deemed best for me to devote my entire effort towards R&D initiatives and continue my personal mission focused on rural development.
I will be stepping down as CEO of Zoho Corp and adopting my new role as Chief Scientist, tasked with deep R&D initiatives. Co-founder Shailesh Kumar Davey will act as the new group CEO. Co-founder Tony Thomas will manage Zoho US. Rajesh Ganesan will supervise our ManageEngine division, and Mani Vembu will assist in leading the http://Zoho.com division.
The future success of our company heavily relies on how adeptly we address the R&D challenges, and I eagerly anticipate this new assignment with enthusiasm and dedication. I am also thrilled to return to hands-on technical work.
