On Wednesday, AppLovin announced that its Chief Financial Officer, Herald Chen, will be stepping down at the end of the year to pursue new career opportunities. Matt Stumpf, currently serving as the Vice President of Finance and FP&A at the company, will replace Chen. The company also revealed that Dmitriy Dorosh, the Vice President Controller, has been appointed as Principal Accounting Officer. Both appointments are set to take effect on January 1.
In the interim, Chen will continue to contribute to AppLovin by remaining on the board of directors as an advisor to the CEO. He will work with the management team on financial matters and strategic topics.
Chen, who assumed the role of CFO in November 2019, is leaving on a positive note, having successfully guided the company through a challenging period of belt-tightening last year. AppLovin reported a 21% year-over-year growth in total revenue for the third quarter, reaching $864 million, with net income at $109 million.
Founded in 2012, AppLovin, the mobile app marketing platform provider, went public in April 2021 and underwent layoffs, reducing approximately 12% of its workforce last year.
Matt Stumpf, the incoming CFO, will receive an annual base salary of $400,000 in his new position, according to a Securities and Exchange Commission filing. Stumpf, 39, has been with AppLovin since July 2022, initially serving as the Vice President of Finance and FP&A, and previously as the Senior Director of FP&A. Before joining AppLovin, he spent over a decade at PricewaterhouseCoopers in various roles, including Director of Financial Due Diligence.
AppLovin CEO Adam Foroughi praised the team’s resilience and enthusiasm during a recent earnings call, highlighting the success of the company’s new artificial intelligence-based advertising technology, AXON 2.
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