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sltrib.com 1996-2023 The Salt Lake Tribune. Sources tell Business Insider that James sees himself as a big name like Salesforce CEO Marc Benioff in the making, and has always wanted to prove he can be a successful CEO, not just a founder who sells his companies and Domo's recent rebound helps make the case for staying independent. (exechange) Silicon Slopes, Utah, March 1, 2022 Josh James, chief executive of Domo, leaves. Competition in the business intelligence and analytics space has become especially fierce in recent years, making it increasingly important for companies in this space to invest extensively in sales and marketing (S&M) to acquire new customers. Who pays. He was resistant to making that deal at first: A securities filing from the Omniture acquisition shows James first declined Adobe CEO Shantanu Narayen's advances, saying he preferred to discuss "partnership opportunities." Who is missed. NOW WATCH: What coronavirus stress is doing to your brain and body. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. In a demo for Forbes the week before the announcement, James showed off the Domo Mobile apps card-based design that allows users to pick what charts and data they want to see the most and then arrange each as a card to toggle through within the app. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. Josh Jamess duties as CEO will be taken over by John Mellor, most recently Chief Strategy Officer at Domo Inc. Josh Jamess move coincides with a management shake-up also involving the position of Chief Operating Officer. The The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. The economic uncertainty resulting first from the COVID-19 pandemic and now Russia's invasion of Ukraine have been difficult for corporate CEOs, and it would be no surprise if the stress of the past two years played a role in James' decision, Henschen continued. Narayen kept pressing, and two months later, James relented and formal acquisition talks began. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax Pestana, the CEO and co-founder of Utah software company ObservePoint, has now joined the Domo board, according to the company announcement, increasing its size from seven members to eight. I used to waste three days prepping for a board meeting. Now, he says, board members can just check their phones at the end of a quarter or sales push and hit refresh. ( Rick Egan | The Salt Lake Tribune ) Josh James, CEO/founder of Domo, at right, speaks with Ed Catmull, president of Pixar and Walt Disney animation studios and Catherine Wong, Domos chief product officer and executive vice president of engineering since 2013, was promoted to chief operating officer. Who recovers. "I hadn't heard any rumors of him stepping down," he said. James now wishes he kept the company independent, a source close to the company said. Whos old. Who is major. Who repeats. Who deserves it. All values as of most recently reported quarter unless otherwise noted. Who goes ahead. Who is replaced. Theres a chat feature called Buzz that allows employees to communicate about each piece in threaded conversations and a task management piece to track who should be doing what. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Who benefits. Who has tailwind. Earlier this year, analysts identified Domo as a likely candidate to be the next big cloud acquisition, especially after Salesforce bought Tableau, a major rival to the company, and Google snatched up the similar Looker. Who is chief. Given that Domo -- which went public in 2018 -- is on a growth trajectory and continues to invest in its platform, James stepping down as CEO is not evidence of any problems with the vendor, according to Doug Henschen, an analyst at Constellation Research. The $200 million run rate he predicted in 2015? Its accumulated deficit as of April 30 is more than $803 million. Domo also announced that the Board of Directors has elected Carine Clark as Executive Chair and appointed John Pestana as a new independent director. Our net loss was $13.6 million, up from $9.8 million a year ago and our net loss per share was $0.41. (The menu does look delicious, but there must be caterers in American Fork, Utah, that arent owned by the boss, remarked Shira Ovide of Bloomberg). Who is zero. The company retained the tax benefit, known as Economic Development Tax Increment Financing. Domo Technologies became the latest tech unicorn to reveal its plans to go public over recent months, as the business intelligence company filed for an IPO with the SEC recently. In the company news release, James said he was very excited for Domos future under Mellors stewardship as the new CEO. It isnt. Who is at rest. A review of GOEO board meetings showed Clark recused herself from the discussion over approving the Domo incentives. Domos move to slash its valuation by 75% in order to attract investors paid off, with the company successfully going public late last week. Who is a friend. Josh James received $537,000 in salary, bonus and other compensation last year; but it looks like he may have pocketed more with these side deals. Josh founded Domo in 2010 to transform the way CEOs and other executives manage their business and to help drive value from the tens Los Angeles Times columnist Michael Hiltzik writes a daily blog appearing on latimes.com. Who gives in. "I am extremely optimistic about our future and the horsepower of the entire Domo team," he said in a release about the personnel moves. Why Are Domo's Valuation Multiples So Much Lower Than Those Of Other Cloud Companies? Who steps down. Durling has served as Chief Information and Digital Enablement Officer at Vivint Smart Home Inc. since early 2017. Its founder says that the fundraise was opportunistic to give the company enough runway to reach cash flow break even, without potentially punitive provisions from investors to maintain the high valuation. Industry analyst Ray Wang of Constellation Research identified SAP and Google as potential acquirers, while other names that have come up include Amazon Web Services and Salesforce. Who is minor. Who assists. Who is bad. Who is an enemy. Domo also has spent $600,000 for catering services from Cubbys Chicago Beef, which describes itself as a cute little sandwich and salad restaurant. Its owned by Josh James and his brother Cubby. Thats the downside of how James has structured his company. Customers have been happy, and we have more juice coming, James says. Domo acknowledges in its disclosure statement that Standard & Poors will be excluding companies with these structures from some of its indexes, and other index owners may follow suit. , Salesforce, Tableau and the like), that allows customers to pull from any of the 1,000 apps to see whatever they want. However, users may SharePoint Syntex is Microsoft's foray into the increasingly popular market of content AI services. (Credit: Domo). Who stumbles. James has resigned as CEO of Domo. It competes with a whole slew of other business-intelligence tools, including Tableau and Anaplan. The filing as a whole points to a persistent flaw in Silicon Valley financing: the willingness to give start-up founders unassailable control of their companies, to the point that investors have no recourse if things go blooey. Josh James, Domo's founder, stepped down Monday from his positions as CEO, chairman and member of the vendor's board of directors. Domo offers cloud software for "business intelligence and analytics." Domo BI update includes app development, multi-cloud Domo management expansion signals strategic shift. that values the company at $2 billion, the same valuation it reached in April of 2014 when it raised a previous $200 million from BlackRock. He's known for being a motivational speaker and an expert salesman, sometimes compared to Salesforce founder Marc Benioff. Domo, +2 more I'm certainly not opposed to selling the company. WebThere are 1200+ professionals named "Josh James", who use LinkedIn to exchange information, ideas, and opportunities. Access your favorite topics in a personalized feed while you're on the go. Domo CEO Josh James onstage at Domopalooza in 2015. Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. WebJosh James sold his first company to Adobe for $1.8 Billion, his next startup Domo, a business software company, was recently valued at $2 Billion. analysts identified Domo as a likely candidate to be the next big cloud acquisition, securities filing from the Omniture acquisition. But that may not be the most disturbing aspect of the IPO filing. Asked during the company's Domopalooza conference in March whether it was time to considering selling the business to a larger vendor like SAP or Oracle or Microsoft, James said: "We always take inbounds when we come. Got a tip? Consensus Price Target is the stock price analysts expect to see within a period of 0-18 months. Replacing James as CEO and joining the American Fork companys board of directors is John Mellor, 55, Domos chief strategy officer since 2019. Domos even setting up its own investment fund to put $50 million into supporting its new ecosystem. It's like digital asset management, but it aims for With its Cerner acquisition, Oracle sets its sights on creating a national, anonymized patient database -- a road filled with Oracle plans to acquire Cerner in a deal valued at about $30B. Clark is a longtime tech executive and the current chair of the Go Utah Board, which serves as the board of directors to the Governors Office of Economic Opportunity. That placed Domo instantly in the community of unicorns, start-ups ostensibly worth $1 billion or more. Who steps back. Box Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. Weve been working five years for this, to create the worlds first business cloud, says James, who founded Domo in 2010. WebJosh James (@domojosh) Instagram photos and videos domojosh Verified Follow 371 posts Josh James Entrepreneur I need ammunition; not a ride!! He called Nehal Raj, a principal at TPG, which was on the point of agreeing to lead a new round of funding for The startup from Silicon Slopes, Utah, is turning heads with Hes willing to go against convention and try new things, and thats not always easy.. James owned nearly all of Domo's voting power at the time of the company's IPO in June 2018.