Sitecore has blown up and rebuilt its executive leadership team and board after failing to find a buyer. Steve Tzikakis has now been officially replaced by Dave O’Flanagan who had been serving as Sitecore's interim CEO. He was also its chief product officer (CPO). O’Flanagan was the founder and CEO of Boxever, a CDP company acquired by Sitecore in 2021.

EQT AB, a Stockholm-based investment firm had been working at least since mid-2023 with Goldman Sachs to secure a buyer. It was seeking a valuation of $US2bn, according to Bloomberg. Mi3 has been told several potential bidders subsequently emerged but all bar one pulled the plug after running the rule over the books. The final potential buyer lowballed its bid after learning it was the only player left on the field.

That last possible deal fell apart, apparently early in 2024, sealing the fate of the previous leadership.

Appointed in September 2020, Tzikakis's departure was announced a month ago and coincided with the appointment of a new Chairman of the Board, Darren Roos.

In addition to O’Flanagan's appointment, Roger Connolly has been promoted to chief product officer after five years of leading the company’s suite of content and management products. Danny Robinson has been appointed as the new chief technology officer (CTO), and Rohinee Mohindroo takes on the role of chief digital and information officer (CDIO).

Sitecore has also expanded its board with four new appointments. These include Christian Shin Høegh Andersen, partner at EQT Partners, and Maggie Buggie, who brings 20 years of experience in technology transformation. The board will also welcome Michael Ouissi, a specialist in enterprise go-to-market strategy, and Saleah Hassan Lasher, who has over 30 years of experience in enterprise software delivery and customer success.

"I’ve known Dave since he joined Sitecore through the acquisition of Boxever, where he was the founder and CEO. The opportunity in front of Sitecore is great, and Dave’s customer-first mindset, focus on innovation and execution, as well as his energy around the positive impact Sitecore’s solutions can have on customers and partners, will help propel Sitecore’s growth," said Darren Roos, chair of the Sitecore board.

Earlier this year Sitecore's CDP was conspicuously missing when Gartner released its first CDP Magic Quadrant earlier this year, a fact that shocked many in the industry, including Sitecore insiders, as we reported at the time.

Additional reporting by Andrew Birmingham