Jive Software CEO Tony Zingale announced his retirement from the company amid third quarter earnings on Tuesday.
The collaboration software provider reported a net loss of $12.1 million, or 17 cents per share (statement). The Non-GAAP loss was four cents per share on a revenue of $46.6 million, up 25 percent year-over-year.
Wall Street was bracing for a loss of nine cents per share on revenue of $44.31 million.
Reflecting upon the better-than-expected third quarter results, Zingale accredited growth and "significant progress towards profitability" to recent JiveX cloud upgradesand Google Docs.
Despite Zingale's optimism, Jiveas well as batted as a last-ditch effort.
Zingale won't be stepping away from Jive entirely as he will assume a new role with the company's Board of Directors as Executive Chairman, focusing primarily on strategic customer and partner relationships.
Zingale has served on Jive's board since 2007 and became Chairman in 2011. During that period, he was appointed CEO in 2010.
The search is now on for a new CEO. Jive has retained global headhunter firm Russell Reynolds Associates to conduct an executive search, which is said to consider both internal and external candidates.
In the meantime, Elisa Steele, executive vice president of marketing and products at Jive, has been promoted to the role of President, effective November 10.
Steele was also appointed to a newly-minted "Office of the CEO" role, also effective November 10, to serve as an interim leader along with independent board director Bill Lanfri until a new CEO is named.
Steele joined Jive in January 2014 as Chief Marketing Officer with a subsequent promotion to Executive Vice President of Marketing and Products. Steele has previously held executive management roles at Microsoft, Skype, Yahoo! and NetApp.
For the current quarter, Wall Street expects Jive to close the year with a wider loss at 13 cents per share and $45.51 million in revenue for the fourth quarter.
Jive responded with a Q4 revenue guidance range of $46.5 million to $47.5 million on top of a loss between nine and 11 cents per share.
For the full year, Jive is projecting revenue to fall between $177.5 million to $178.5 million with a loss between 28 and 30 cents per share.