Smartsheet Names Dennis Durkin to Board of Directors

Rhea-AI Summary

Smartsheet (NYSE: SMAR) has appointed Dennis Durkin to its board of directors, where he will also serve on the Audit Committee. Durkin, former CFO of Activision Blizzard and COO of Microsoft’s Interactive Entertainment Business, brings extensive experience in scaling digital businesses. His appointment aligns with Smartsheet's ongoing growth, marked by significant enterprise deployments. CEO Mark Mader expressed confidence in Durkin's ability to enhance financial strategies and support long-term growth.

Positive

• Appointment of Dennis Durkin expected to strengthen financial strategies.
• Durkin's experience in scaling businesses may lead to enhanced growth.
• Smartsheet is experiencing strong logo growth and large enterprise deployments.

Negative

• Management transition may raise concerns about continuity.
• Experience gap due to a new board member.

Former CFO brings deep expertise in growing and scaling businesses to Smartsheet team

BELLEVUE, Wash.--(BUSINESS WIRE)-- Smartsheet, the enterprise platform for dynamic work, today announced the appointment of Dennis Durkin to its board of directors. He will also serve on the board’s Audit Committee. Durkin, former Chief Financial Officer of Activision Blizzard and Chief Operating and Financial Officer of Microsoft’s Interactive Entertainment Business, brings a depth and breadth of experience to Smartsheet, with a focus on growing and scaling global digital businesses and communities.

“Dennis combines deep financial expertise with a proven ability to scale enterprises,” said Mark Mader, President and CEO of Smartsheet. “His financial experience in product-led growth and refining digital business models will serve us well as we continue to land, expand and climb with our customers and empower them to drive meaningful change.”

Durkin’s appointment comes during a period of continued growth for Smartsheet during which the company is experiencing both strong logo growth and setting new high water marks for large enterprise deployments.

“The collaborative work management space is where companies on their digital transformation journey are investing and seeing big impact,” Durkin said. “I’m looking forward to helping Smartsheet cement the company’s leadership position via durable, long-term growth."

Durkin is an advisor and investor who also currently serves on the boards of ON Holdings and Oura Health. During his tenure at Activision Blizzard, in a variety of roles including over seven years as CFO, he helped grow the company’s enterprise value from approximately $10 billion to more than $70 billion. Prior to that, Durkin spent nearly 13 years at Microsoft, where he was most recently the CFO and COO of the Interactive Entertainment Business, which included the Xbox, Xbox Live and Games businesses. Durkin holds a BA in Government from Dartmouth College and an MBA from Harvard Business School.

About Smartsheet

Smartsheet (NYSE: SMAR) is the enterprise platform for dynamic work. By aligning people and technology so organizations can move faster and drive innovation, Smartsheet enables its millions of users to achieve more. Visit www.smartsheet.com to learn more.

Forward-Looking Statements

This press release contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, statements about Smartsheet’s expectations regarding possible or assumed business strategies, potential growth and innovation opportunities, new products, and potential market opportunities.

Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believe,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: our ability to achieve future growth and sustain our growth rate, our ability to attract and retain talent, our ability to attract and retain customers (including government customers) and increase sales to our customers, our ability to develop and release new products and services and to scale our platform, our ability to increase adoption of our platform through our self-service model, our ability to maintain and grow our relationships with channel and strategic partners, the highly competitive and rapidly evolving market in which we participate, our ability to identify targets for, execute on, or realize the benefits of, potential acquisitions, and our international expansion strategies. Further information on risks that could cause actual results to differ materially from forecasted results is included in our filings with the U.S. Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2022 filed with the SEC on June 7, 2022. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005048/en/

Media Contact:

Chrissy Vaughn

pr@smartsheet.com

Source: Smartsheet

FAQ

Who is Dennis Durkin and what is his role at Smartsheet?

Dennis Durkin is the newly appointed board member and Audit Committee member at Smartsheet, previously serving as CFO of Activision Blizzard.

What impact might Dennis Durkin's appointment have on Smartsheet?

Durkin's financial expertise is expected to enhance Smartsheet's growth strategies and scalability.

When was Dennis Durkin appointed to Smartsheet's board?

Dennis Durkin was appointed to Smartsheet's board on August 5, 2022.

What is Smartsheet's current growth status?

Smartsheet is currently experiencing strong logo growth and setting new records for large enterprise deployments.

What previous experience does Dennis Durkin bring to Smartsheet?

Durkin has significant experience as CFO of Activision Blizzard and COO of Microsoft's Interactive Entertainment Business, contributing to substantial enterprise value growth.