Yext founder and CEO Howard Lerman has informed Localogy Insider that he has resigned from his position. This caps a nearly-16 year adventure bringing Yext from a single room to a $400 million+ SaaS powerhouse. The company’s chapter begins with Chairman Mike Walrath taking over as CEO.

Lerman’s reasons are sound, countering the common sentiment that founder-led companies are preferable to those run by experienced operators. In a letter to employees, he asserts that the opposite is true: the skill set to blitz-scale a startup isn’t the same required to operate at scale.

There are several examples that validate this point, the most prominent being Tim Cook and Satya Nadella. Then there are opposite scenerios that make the same point (some might point to Mark Zuckerberg). In any case, Lerman has accomplished what few entrepreneurs in history have done.

In closing on a personal note, It’s been a learning experience as an industry watcher covering Yext and Lerman’s moves. That highlight reel includes early analyst breifings in Yext’s former life as a call intelligence platform, and hijinx at the Crunchie awards in San Francisco in 2009.

Localogy extends best wishes to Lerman in the next adventure. Meanwhile, we’ll leave you with his direct words…

After 15.5 years, I am resigning as CEO of @Yext. I couldn’t be more excited to be passing the torch to Mike Walrath to lead our next phase! I’m sharing the letter I just sent to the company. pic.twitter.com/qXPAchfT1c

— Howard Lerman (@howard) March 8, 2022