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Hootsuite CEO Ryan Holmes to step down from company he founded

Ryan Holmes (left), CEO of Hootsuite, chats with Geoff Entress of Pioneer Square Labs at the 2017 Cascadia Innovation Corridor Conference in Seattle, Wash., Wednesday, Sept.13, 2017. Hootsuite Inc. CEO Ryan Holmes says he plans to step down as head of the company.
Ryan Holmes (left), CEO of Hootsuite, chats with Geoff Entress of Pioneer Square Labs at the 2017 Cascadia Innovation Corridor Conference in Seattle, Wash., Wednesday, Sept.13, 2017. Hootsuite Inc. CEO Ryan Holmes says he plans to step down as head of the company. THE CANADIAN PRESS/HO-Red Box Pictures-Scott Eklund MANDATORY CREDIT

VANCOUVER – Hootsuite Inc. CEO Ryan Holmes says he plans to step down as head of the company.

He says the Vancouver-based company has started a search for his replacement and that once found he plans to step into the role of executive chairman.

READ MORE: Canadian tech community unhappy with Ottawa’s changes to small business taxes

Holmes, who announced the news on Twitter, did not say why he had decided to step down.

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He founded the social media management company in 2008 and says it now has more than 1,000 employees supporting over 200,000 organizations.

The company, which allows users to manage multiple social media accounts and provides analytics on them, announced some job cuts earlier this year as part of a realignment of its strategic priorities.

READ MORE: Hootsuite announces 20 people laid off from its Vancouver office

The value of the private company has been a source of speculation, but Holmes said in 2017 that it was worth over a billion dollars.

This report by The Canadian Press was first published Nov. 5, 2019.