Mobile app marketing platform provider AppLovin said Wednesday that its CFO, Herald Chen, will be stepping down at the end of the year to pursue new career opportunities.
Chen will be replaced by Matt Stumpf, who currently serves as vice president of finance and FP&A at the company, according to a press release. The company also announced that its vice president controller, Dmitriy Dorosh, has been named principal accounting officer. Both appointments will become effective on Jan. 1.
Meanwhile, Chen plans to remain on AppLovin’s board of directors as an advisor to the CEO, where he will continue to work with the management team on financial matters and “strategic topics,” the release said.
Chen, who became CFO of AppLovin in November 2019, is exiting the role on a high note after helping to navigate the Palo Alto, California-based company through a belt-tightening period last year. The planned finance leadership change was announced as the company reported that its total revenue grew 21% year-over-year in the third quarter to $864 million, with net income reaching $109 million.
“A year ago, we faced significant challenges, yet our team’s resolve and enthusiasm never faltered,” AppLovin CEO Adam Foroughi said during a Tuesday earnings call. “Our efforts this year have not only solidified our short-term growth trajectory but have also set the stage for sustained long-term expansion.”
He said the company’s strong third quarter performance is a testament to the success of its new artificial intelligence-based advertising technology, AXON 2.
Founded in 2012, AppLovin provides technologies designed to help app developers market, monetize, and publish their apps. The company went public in April 2021. It laid off 300 people, or roughly 12% of its workforce, last year, according to the Silicon Valley Business Journal.
During Tuesday’s earnings call, Chen said he decided to transition from a full-time role at the company to an advisory one so that he could “take some time off and investigate new opportunities.”
“Come January, I'm excited to have Matt and Dimitri step into their new and well-deserved leadership roles,” Chen said during the call. “Based on their track record and past contributions, I am confident in their success.”
Stumpf, 39, will be paid an annual base salary of $400,000 in his new role as AppLovin’s finance chief, according to a Securities and Exchange Commission filing.
The incoming CFO has served as the company’s vice president of finance and FP&A since July 2022. He previously served as its senior director of FP&A. Prior to joining the company, he spent over a decade at PricewaterhouseCoopers in various roles including as director of financial due diligence.