Procore announces CEO succession plans
After two decades since founding Carpinteria-based Procore and serving as the company’s only CEO, Craig “Tooey” Courtemanche announced that he is planning to transition to executive chairman as soon as the company appoints a new chief executive.
Courtemanche first founded Procore in 2002 and is currently the founder, president and CEO of the company. He led the company through many key milestones, including going public in 2021 and being valued at nearly $11 billion.
After his transition to executive chairman, Courtemanche said he will still be “deeply involved in the business and lead the Board.” Until that time, he will remain the CEO of the company.
Procore did not announce a timeline of when they hope to find a new CEO, however, the board of directors has begun a “comprehensive search process” for his successor.
“I founded Procore to solve the construction industry’s greatest challenges, and will continue to carry out my life’s work in my role today and in my future role,” said Courtemanche.
“I made this decision with the confidence that our business foundation is strong, and now is the right time to begin the process of finding a new CEO who will build on our momentum and lead the Company through its next phase of growth. When the time comes for me to transition to Executive Chairman, my commitment to our customers and the Company’s success will remain as strong as ever.”
Graham Smith, a lead independent director, said the board’s priority in identifying a new CEO is “a leader with a strong commitment to our mission of connecting everyone in construction on a global platform and proven operational experience at scale—a leader who can continue to enhance customer value and drive extraordinary growth.”
“Tooey established Procore as the software platform of choice for the construction industry, and we look forward to continuing to benefit from his exceptional vision and leadership — and his invaluable industry knowledge — in his current and future roles,” Smith said.
Procore reaffirmed its first quarter fiscal 2025 and full-year fiscal 2025 guidance, as previously announced in its earnings release for the fourth quarter and full year 2024 financial results on Feb. 13.
Shares closed at $69.18 on March 10. Courtemanche’s announcement came after the markets closed and shares fell about 2% in after-hours trading.
