New Delhi: Girish Mathrubootham, the CEO of Nasdaq-listed company Freshworks, on Thursday announced to step down from his current position and transition into the role of Executive Chairman.

In a post on X social media platform, Mathrubootham said that he is announcing a new chapter in the company's story and his career.

“I have decided to step down as CEO of Freshworks and transition into the role of Executive Chairman. This decision was not made lightly and comes with a deep belief in our collective vision and the future of our company,” he posted.

Freshworks was founded as a tiny startup in Chennai 14 year ago, and is now a global software-as-a-service (SaaS) player and the first Indian SaaS company to list on Nasdaq.

Dennis Woodside, the company’s President, will be the new CEO of Freshworks.

“We’re a true friend to more than 67,000 customers worldwide, and our global ‘Kudumba’ now has over 4,900 talented members,” Mathrubootham said in a separate message.

“Freshworks is my baby, and over the years I have seen her grow — as a toddler trying to walk, a child growing really fast, and a teenager growing stronger,” he noted.

After his announcement, Freshworks' shares nosedived about 25 per cent and were trading around $13 apiece.

Mathrubootham will now focus on the long-term product vision and AI, spending more time with the teams in India, and being a trusted advisor to Woodside.

“Our mission remains unchanged, and our future is bright. The road ahead is filled with limitless possibilities, and I am excited to see where Woodside's leadership takes us,” he said.

(IANS)