Dyn’s cofounder steps down as CEO
Just one day after announcing a $50 million investment round, the chief executive and cofounder of the Internet traffic-management company Dyn Inc. resigned.
Jeremy Hitchcock, who cofounded Dyn in 2001 as a student at Worcester Polytechnic Institute, will remain on the company’s board and continue as a full-time employee with the title of founder, the company said Wednesday.
Hitchcock said he was not fired and did not sell any of his shares in the company in the most recent financing round. On Wednesday, he was attending a trade show in the Washington, D.C., area, along with other Dyn executives.
“I’m not in the Caymans, hanging out and drinking mai tais,” Hitchcock said. “There’s a lot of good work to be done.”
Executive chairman Jim Baum will take over the day-to-day responsibilities of running the company. The news was first reported by TechCrunch.
Dyn is not currently searching for a new CEO, Hitchcock said in an interview. But over the past few months, he said, it had become clear that the company needed a leader who had better skills for running a large organization as Dyn attempts to expand its footprint in the IT market.
“When I looked at the opportunity that we have, the mechanics and the machine of the company — that is not my skill set,” Hitchcock said.
Dyn, which has more than 400 employees, makes software that connects website names, such as bostonglobe.com, to the series of digits that represent the actual location online.
It also sells monitoring services that let IT managers identify Internet traffic problems, and traffic-routing applications that send users’ clicks to the closest or fastest data center in a network.
Dyn’s customers include Twitter, Visa, Netflix, British Telecom, and The Boston Globe. It expects to surpass $100 million in annual sales this year.
The company has made several acquisitions over the years and expanded its product offerings.
Most of Dyn’s employees work at the company headquarters in Manchester, making it a prominent example of a New England technology company that has grown successfully outside of the Boston area.
Dyn announced Tuesday that it had raised a $50 million investment round from the private equity firm Pamplona Capital Management LLP. There was no mention of Hitchcock’s impending resignation in those reports.