FreshBooks, the accounting software company, announced the departure of President Mark Girvan and CEO Don Epperson, appointing Mara Reiff, the Chief Customer Officer, and Wayne Jackson, the Chief Financial and Administrative Officer, as interim co-CEOs. FreshBooks founder and board Chair Mike McDerment mentioned that the firm is actively seeking a new CEO through a search firm.
Notably, the company recently restructured its leadership team and reduced its workforce by six percent. Additionally, FreshBooks disclosed its decision to shut down its operations in Raleigh, North Carolina, while not specifying the exact number of employees affected by these layoffs.
These moves follow previous restructuring actions, including staff layoffs reported eight months ago by BetaKit. FreshBooks has faced challenges over the past year, marked by multiple rounds of layoffs affecting various senior leaders, including the CMO, CFO, and CTO.
FreshBooks had pursued international expansion, securing substantial funding, including a Series E round of $130 million USD in 2021 and a $ 100 million debt facility in 2022.
McDerment acknowledged these changes in a blog post, comparing the current situation to a “winter in startup land,” emphasizing FreshBooks’ history of weathering economic downturns and emerging stronger. The company, established in 2004, focuses on aiding small and medium-sized businesses with accounting, finance management, and client engagement.
The departing executives, Girvan and Epperson, had respective tenures of 10 years and a shorter term as CEO since 2021. Reiff, who initially joined as the chief data officer, took on the role of Chief Customer Officer earlier this year.
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