The 64-year-old chief executive of one of the flurry of Canadian technology companies to go public last year will become Copperleaf’s chief strategist and vice-chair on Jan. 1, the company announced this week. Replacing her as CEO of the decision analytics software company is Australian Paul Sakrzewski, 54, who joined Copperleaf in 2018 and built up its Asia-Pacific-Japan business, which accounts for 21 per cent of revenue. He became president earlier this year. Mr.
Ms. Hess said she will focus on product, business strategy and working “to understand how we can drive more value to our clients and that intersection of all the pieces of the business. I would rather be spending my time focused on that than a lot of the things you get wrapped up in when you are CEO of a public company.” She said she had no plans to retire yet. “There are so many things I want to do. I am so invested in Copperleaf.
The transition “was unexpected and hadn’t been previously telegraphed” to the market, BMO Capital Markets analyst Thanos Moschopoulos said in a note. But it has been well-received because of the harmonious transition and the incoming CEO’s track record, Canaccord Genuity analyst Robert Young said in a note.
The stock is still down more than half from its $15 IPO price last October, reflecting the broader sell-off that has hit tech stocks. Copperleaf was one of the last of the crop of 16 tech companies that went public on the TSX in 2021 to trade above its issue price before it sank this year over concerns its investments in growth will take longer to bear fruit than investors hoped.but dipped into losses in 2018 as it worked to expand revenue at a faster clip.