Code42 Names New CEO
With an eye toward growth, Minneapolis software company Code42 named Joe Payne as its next chief executive officer.
Payne is a software industry veteran, most recently serving as the CEO of Eloqua, a B2B marketing automation company. During his six-year tenure, he increased the company’s revenues from $11 million to $125 million, shepherded them through an IPO and sold the company to Oracle for about $1 billion.
“It’s an exciting time to join Code42,” Payne said in a statement. “I look forward to partnering with [the team] during the next stage of growth.”
The announcement comes about a month after founder Matthew Dornquast stepped down from the role. That caused a bit of stir as the transition was slipped into an unrelated press release almost as an aside. It was just a week later that the company said COO Brian Bell left for “personal reasons.”
Growth has been a theme since Dornquast stepped down. His departure from the top spot was explained as finding someone who could ratchet up growth. In the past year, the company added 10,000 new business customers and attracted over $50 million in investment.
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