BlackLine chief executive officer and founder Therese Tucker, one of the few women to be top of a tech company, is stepping down from her post. On Thursday, the American software company BlackLine revealed a shakeup among its leadership starting next year. On January 1, 2021, Tucker will still remain with the company in an executive chair position.
Meanwhile, President Marc Huffman will be replacing her. Huffman had also served as chief operating officer for the company. In an interview with Forbes, Tucker said: “There’s a fundamental difference in the skill sets that are really required to scale a company to become a billion in revenue. It feels like it’s a good time to announce handing it to him.”
The female CEO acknowledged Huffman’s efforts in countering the novel coronavirus pandemic and in managing to pursue business operations amid the crisis. “Marc is very measured, he listens to everybody, weighs all the different pieces of information,” Tucker remarked.
She praised the leadership skills of Huffman ever since being part of the company last 2018. He has worked for one of BlackLine’s partners, NetSuite, for 14 years.
Tucker also mentioned in a statement why the company’s COO will be taking her place. To her, “because of Marc’s leadership, skillset, cultural alignment, and stellar performance, Blackline is in a better position to grow and scale than ever before.”
— Forbes (@Forbes) August 6, 2020
BlackLine of business
News of Tucker’s replacement came just about the same time as the software company’s reporting of second quarter earnings. Revenue for the company rose by 20 percent to $83.3 million compared to last year’s second quarter. The company’s business is about accounting software for huge businesses. Blackline began in 2001, and on 2013 sold majority stakes to investors Silver Lake and Iconiq Capital, per the Forbes.
The Los Angeles-based tech firm claims to have over 3,100 clients such as Coca-Cola. BlackLine has serviced many of the 50 companies with the highest revenues. And they also have users in more than 130 countries. It also says it has over 1,100 employees stationed in 14 countries. Top consulting firms have also worked with them, including NetSuite and Oracle, among others.
According to Tucker, as she steps down, she is going to empower more women through mentorships and investments without departing from BlackLine. She finds it somehow disturbing that there is only “little progress” when it comes to diversification among tech company leaders. She’s one of the very few women to lead a tech firm.
“We still have work to do as a society to treat women and people of color without bias; we have a lot of work to do there. We can’t proclaim victory.”