LogMeIn co-founder Michael Simon steps down as CEO

LogMeIn co-founder Michael Simon
LogMeIn said Michael K Simon, its co-founder and CEO for the past 12 years, will step down as CEO at the end of 2015.

William “Bill” R. Wagner, currently president and chief operating officer of LogMeIn, will be the new CEO. Simon will remain as the company’s chairman of the board and will serve in an advisory role to Wagner. Wagner joined LogMeIn in 2013 as the company’s first chief operating officer.

Wagner implemented strategic initiatives that helped accelerate the company’s growth in the global cloud market for enterprises. LogMeIn had promoted Wagner to president in January 2015.

Under the leadership of Simon, who co-founded LogMeIn as CEO in 2003, the company grew from a three-person startup to a cloud company with nearly 1,000 employees. During the last 12 years LogMeIn has opened 9 global offices and achieved more than $200 million in annual revenue — attracting millions of users worldwide. He led the company through its public offering in 2009.

Meanwhile, the company expects to achieve third quarter revenues of $68.8 million to $69.3 million and full year 2015 revenues of $265 million to $266.5 million.

Image source: Fortune

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