Shares of MongoDB ($MDB) plunged about 23% Monday after CEO Chirantan “CJ” Desai stepped down effective immediately to join Meta Platforms ($META) as chief enterprise platform officer. MongoDB appointed former CEO Dev Ittycheria as interim president and CEO and reaffirmed its third-quarter and full-year fiscal 2027 guidance.
- Desai leaves less than a year after succeeding Ittycheria, who led MongoDB from 2014 through 2025.
- Meta said Desai will report directly to Mark Zuckerberg and lead its new Meta Enterprise Platform, initially focused on AI agents and coding tools.
- MongoDB's board has begun a search for a permanent CEO and retained an executive search firm.
- Ittycheria remained an executive board member after leaving the CEO position and is returning immediately on an interim basis.
- MongoDB's Investor Day remains scheduled for September 29, with management set to discuss long-term strategy, market opportunities and AI-related product development.
Relevant Companies
- MongoDB ($MDB) - Desai's immediate departure triggered a sharp decline in its shares.
- Meta Platforms ($META) - Desai will lead its newly launched enterprise AI platform.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
