MANCHESTER, NH — After bringing Dyn from his Worcester Polytechnic Institute dorm room in 2001 to a company that is expected to surpass $100 million in annual recurring revenue later this year, Jeremy Hitchcock, co-founder and CEO has resigned. Hitchcock, who is a graduate of West High School, will remain on staff with the title founder, and take a seat on Dyn’s board. This news came just a day after Dyn announced it raised $50 million from the private equity firm Pamplona Capital Management LLP to expand its global market.
According to TechCrunch, executive chairman Jim Baum will take over day-to-day operation of Dyn, but will not take the title of CEO. Baum told TechCrunch he’ll continue to serve as executive chairman and work with Dyn’s board of directors to develop a “long-term leadership strategy.”
In an interview with The Boston Globe, who is one of Dyn’s customers- Hitchcock said that Dyn is not searching for a new CEO. He added that over the past few months it had become clear that the company needed a leader who had better skills for running a large organization as Dyn attempts to expand its footprint in the IT market.
“When I looked at the opportunity that we have, the mechanics and the machine of the company — that is not my skill set,” Hitchcock told The Boston Globe.
Dyn currently has 400 employees and has its global headquarters in the Manchester Millyard.