Story
Similarweb Shares Fall Over 7% After Naming Michael Akkerman as New CEO
Summary
The digital analytics company announced that Michael Akkerman will succeed founder Or Offer, effective Nov. 2, prompting a negative investor reaction despite the company reaffirming its strategic outlook.
Shares of SimilarWeb Ltd (NYSE: SMWB) declined on Thursday after the digital data and analytics firm announced it has appointed Michael Akkerman as its next Chief Executive Officer. The company's stock fell over 7% in Thursday's trading session following the leadership news.
CEO Transition Details
Michael Akkerman is set to assume the role of CEO on November 2, 2026, succeeding founder Or Offer, who is stepping down after leading the company for nearly two decades. The company had previously disclosed Offer's planned departure in May 2026. Offer will remain with Similarweb through a transition period to support Akkerman and the Board of Directors.
According to a statement from Harel Beit-On, Chairman of the Board, Akkerman's appointment follows a thorough search process. The board prioritized a candidate with a proven track record in go-to-market, strategic, and commercial leadership to guide the company's next phase of growth. Despite the leadership change, Similarweb stated there is no change to its current strategy, operations, or financial outlook.
Akkerman's Background
AdAkkerman brings nearly 20 years of senior leadership experience from the digital advertising, data, and technology sectors. He will be based in Similarweb's New York office.
His previous roles include:
- Chief Business Officer at Digital Turbine (NASDAQ: APPS)
- Chief Revenue Officer at data.ai
- Chief Product and Strategy Officer at Cardlytics (NASDAQ: CDLX)
- Senior commercial leadership positions at Uber (NYSE: UBER) and Pinterest (NYSE: PINS)
The market's negative reaction highlights typical investor uncertainty that can accompany a founder's departure, even when a successor with extensive industry experience is named.
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