The 'personal reasons' explanation does not fit with someone truly leaving for 'personal reasons'. When a CEO genuinely does so, they give ample time for a smooth transition, a formal press release praising him/her is sent out and a new CEO is already lined up. None of this happened here. Either Pivot3 is mishandling something quite basic or is not telling the truth.
I am not sure if they actually believe they are going to IPO or if this is some sort of smokescreen, but it is extremely unlikely they will IPO anytime soon, if ever. Even by their own optimistic projections, 2013 revenue would still be less than $50 million. And they acknowledge they are not yet profitable (though again hope to be this year). In the US market, trying to IPO with such low revenue and weak (or non-existent) profitability is a huge barrier. As the Chairman of the National Venture Capital Association said to CFO magazine, "Venture capitalists now look at $100 million as the minimum revenue threshold for an IPO."