When Pivot3 previewed their company plans for 2013, it did not include major changes in leadership. However, the company has confirmed today that Pivot3 CEO Rich Bravman, has stepped down and Chief Technology Officer and founder Bill Galloway is filling the role. Pivot3 says Bravman left for "personal reasons." [UPDATED below with interview with the new CEO.]
However, our understanding from industry sources is that the change at Pivot3 comes from pressure to meet aggressive revenue goals set by its investors, especially considering its raising of $23 million for expansion last year. Pivot3 previously reported nearly doubling its revenue in 2012.
A Pivot3 engineer we spoke to this afternoon says no official notices have been sent to employees about the changes.
Last month, in an interview with IPVM, Bravman bucked rumors of restructuring and said the company projected this year’s growth to be 50 percent over 2012. The company has 90 full-time employees and was hiring to fill new positions.
We have an interview with the company's new CEO tomorrow morning. We will update as new information becomes available.