Dive Brief:

• Duolingo announced Gillian Munson — currently serving as head of its audit committee — will step in as CFO effective Feb. 23, according to a Monday press release and securities filing. She will succeed Matt Skaruppa, who is leaving the company after serving as its finance chief for six years.
• Co-founder and CEO Luis von Ahn credited Skaruppa as an “exceptional finance leader,” noting he has built a “world-class team that has shaped our trajectory as a public company,” During his time at the Pittsburgh, Pa.-based mobile platform, which offers language learning courses, Skaruppa helped to shepherd Duolingo through an initial public offering in 2021 that valued it at $6.5 billion, Reuters reported at the time.
• In a statement included in the release and shared on his LinkedIn profile, Skaruppa called his time at Duolingo “the most rewarding chapter of my career.” He highlighted his work to scale the business as a public entity and in “building a finance organization that matches the creativity and excellence of the rest of the company,” according to the post. “I’m proud of what we’ve accomplished together: sustainable growth, strong profitability and a culture that never lost its sense of fun,” he said. 

Dive Insight:

Skaruppa will stay on at the company in an advisory role to assist with a smooth transition through Nov. 20, the mobile learning platform said in the filing with the Securities and Exchange Commission. In association with his advisory role, he is set to receive a monthly base salary at the rate of $32,292 prorated for any partial month of service; as well as continued vesting of his outstanding restricted stock unit awards according to their original vesting terms, according to the filing.

Upon stepping into the CFO seat, his successor Munson will be entitled to an annual base salary of $800,000 and will be eligible to participate in the company’s annual incentive award program on the same terms as other “similarly situated executives” upon taking the CFO seat, according to the filing.

She will also be provided with a grant of RSUs “determined by dividing $14 million by the average closing price of the Company’s Class A common stock by the average closing price of the Company’s Class A common stock over the 30 trading days immediately preceding the grant date,” the company said in the filing.

Munson since 2019 has served as a member of Duolingo’s board and chair of its Audit, Risk and Compliance Committee, according to the Monday release. She previously served for three years as CFO for video platform Vimeo beginning in April 2022, and has served as CFO for Iora Health and XO Group. Her past experience includes a stint as a venture partner for Union Square Ventures, and she has held roles at Symbol Technologies and Morgan Stanley, according to her LinkedIn profile.

“When Luis, Matt, and my fellow Board members approached me about this potential transition, it quickly became one of the easiest yeses in my career,” Munson said in a statement about taking the CFO role. “Having worked closely with the team as a board member since before the IPO, I’ve developed deep respect for Duolingo’s culture, operating discipline and organic momentum.” 

Munson is taking the finance reins as the mobile learning platform aims to continue a growth streak after surpassing 50 million daily active users during its third quarter — with DAUs growing by 36% year-over-year for the quarter ended Sept. 30, according to its earnings release.

Also Monday, the company issued an update on operating metrics for its fourth quarter ended Dec. 31, with preliminary results for the quarter showing DAUs growing by approximately 30% YoY.

Total bookings, meanwhile — which include subscriptions to its Duolingo Plus service, registrations for its English Test services, and in-app purchases — are “at or slightly above” the business’ previously announced range of between $329.5 million to $335.5 million, according to the preliminary update. For the full-year, the business is expecting total bookings between $1.15 billion to $1.16 billion, according to its Q3 shareholder letter.

The company is scheduled to report its Q4 and full-year 2025 earnings on Feb. 27.

Duolingo did not immediately respond to requests for comment about the appointment.