Domo founder Josh James returns to the company’s hot seat as its new CEO

Enterprise intelligence software program agency Domo Inc. did an about-face at present, announcing that founder and former Chief Govt Josh James has returned to the recent seat, changing outgoing CEO John Mellor.

Information of Domo’s government reshuffle got here as the corporate reported fourth-quarter monetary outcomes that beat Wall Avenue’s expectations. Regardless of that, the corporate’s inventory fell 4% in after-hours buying and selling.

Domo sells enterprise intelligence software program that makes it potential to combine information from a number of sources and remodel it into stay visualizations that may inform enterprise decision-makers. The corporate was based by James (pictured) again in 2010, and he helped it turn into a significant participant within the BI software program market, taking it public in 2018. Nonetheless, he surprisingly stepped down from the CEO position one yr in the past, with out offering any purpose for doing so.

James was changed final March by Mellor, who had served as Domo’s chief technique officer since 2019.

As soon as once more, Domo didn’t give any causes for the change, which can see Mellor depart the corporate after a transitional interval. Domo Chair Carine Clark hailed the “constructive imprint” he had left on the corporate, saying he stepped in as CEO at a essential time and helped enhance its enterprise via tighter inner alignment and numerous key hires.

James introduced that he’s “inspired and invigorated” to return to his previous position at Domo, saying that he intends to take the corporate to the subsequent degree. He additionally heaped reward on Mellor, saying: “Due to his arduous work and stewardship, Domo has a large and wholesome pipeline with robust demand for our services and products persevering with into 2023.”

Domo additionally stated it has employed David Jolley as its new chief monetary officer, changing Bruce Felt, who had beforehand introduced he can be stepping down. Different management appointments embrace naming Jeff Skousen chief income officer and appointing Dan Robust and Renée Soto to the board.

The chief reshuffle virtually drowned out the corporate’s constructive monetary outcomes. Domo reported a web loss for the quarter of $19.8 million, down from the $33.2 million loss it recorded a yr earlier. Its loss earlier than sure prices reminiscent of inventory compensation got here to 2 cents per share, whereas income rose 14%, to $79.6 million. Wall Avenue had been concentrating on an even bigger lack of 9 cents per share on decrease income of $77.5 million.

For the total yr, Domo posted a web lack of $105.6 million, widening barely from the $102.1 million loss it reported within the earlier yr. Income for the yr rose 20%, to $308.6 million.

For the present quarter, Domo is forecasting a lack of between 15 and 19 cents per share, larger than the 12-cent-per-share loss forecast by Wall Avenue. It’s additionally guiding for income of between $78.5 million and $79.5 million, the midpoint of which is slightly below the analysts’ consensus estimate of $79.5 million.

Photograph: Domo