- Push-out Score determined
- After around 15 years in the position
- Accolades and praise for Lerman
- Michael Walrath taking over
(exechange) — New York, March 8, 2022 — Howard Lerman, chief executive of Yext, leaves. As announced by Yext Inc. in a news release and in a regulatory filing published on Tuesday, March 8, 2022, Howard Lerman leaves his post as chief executive officer at the technology company operating in the area of online brand management, after around 15 years in the role, effective March 25, 2022.
It is the end of an era.
Howard Lerman’s duties as CEO will be taken over by Michael Walrath, most recently Chairman of the Board of Directors at Yext Inc.
Howard Lerman’s move coincides with a management shake-up also involving the positions of Chief Financial Officer; and President and Chief Operating Officer.
“To revise its go-to-market and operational strategy”
Yext did not give an explicit reason for Howard Lerman’s departure from the CEO post. Yext said: “Yext, Inc. (NYSE: YEXT), the AI Search Company, today announced a leadership transition that leverages the deep knowledge and understanding of the company to revise its go-to-market and operational strategy.”
Precise information regarding Howard Lerman’s future plans was not immediately available.
“Step down”
Yext said: “On March 7, 2022, Howard Lerman notified the Company’s board of directors (the “Board”) of his intention to step down from his position as Chief Executive Officer of the Company effective March 25, 2022.”
“Did not result from any disagreement”
“Mr. Lerman’s resignation did not result from any disagreement with the Company concerning any matter relating to its operations, policies, or practices,” Yext said.
Share price decline since March 2019
The announcement follows a decline in Yext Inc.’s share price of 69% since March 2019.
In the position of CEO since 2006
Howard Lerman became CEO of the Company in 2006.
Lerman will also resign from the Board and will be transitioning to a new role as an advisor to the Company effective March 25, 2022.
Howard Lerman is the Company’s Co‑Founder and Chief Executive Officer and has also served as a member of the Company’s Board of Directors since the Company’s inception in 2006.
Prior to co‑founding Yext, Lerman founded and served as a senior manager of several privately held software companies.
Lerman also co‑founded Confide, a privately held electronic messaging service, and served as its chairman from 2014 to 2020.
Lerman is a graduate of Thomas Jefferson High School for Science and Technology and holds a B.A. in History from Duke University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Howard Lerman’s move on a scale of 0 to 10.
exechange reached out to Yext and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 11.2022 ($).