Trustpilot founder Peter Holten Mühlmann to depart as CEO to be ‘brand ambassador’

Founder Trustpilot leaves as CEO to become ‘evangelist and brand ambassador’ for review website

  • Mühlmann switches to ‘evangelist and brand ambassador’
  • The Danish entrepreneur started the e-commerce business from his parent’s garage
  • Trustpilot’s market cap is down about two-thirds from its £1.1 billion IPO value

Trustpilot’s founder has announced his intention to step down as CEO as the company reports lower losses in full-year results.

Peter Holten Mühlmann will transition from CEO of the online review website to a non-executive director, where he will be “an evangelist and brand ambassador,” the group said.

The Danish entrepreneur started the e-commerce service 16 years ago from his parents’ garage and with funding from his father’s cousin, and grew into a major European technology success story.

Further: Trustpilot said founder Peter Holten Mühlmann (pictured) will transition from CEO to “an evangelist and brand ambassador” while also holding a non-executive directorship

Trustpilot Group Shares were 0.3 percent lower at 93.05p at 4 p.m. Tuesday afternoon. They have lost about 44 percent of their value in the past 12 months.

The company makes money by charging companies for displaying positive reviews on their homepage and subscribing to its software services, such as AI-generated analytics and website widgets.

Activity on the platform soared during the Covid-19 pandemic as online retail volumes grew amid tight lockdown restrictions, boosting demand for reviews.

Valued at around £1.1bn at its IPO in March 2021, when it became the first Danish tech unicorn to list on the London Stock Exchange, the group’s market capitalization has since fallen by around two-thirds.

IPO-related costs were responsible for doubling Trustpilot’s annual losses in 2021, but the company revealed on Tuesday that they fell 43 percent to $14.6 million last year as revenue growth outpaced cost increases.

Sales increased 23 percent at constant exchange rates to $149 million, supported by double-digit expansion in all regions, including the UK, where it generates 40 percent of its sales.

Visitors posted an additional 46 million reviews on the company’s platform, while the number of active domains passed the 100,000 mark and bookings, a key indicator of future revenue, rose by a fifth to $165 million.

Trustpilot warned that the weaker economic backdrop had made it more cautious in its guidance, with lower revenue expected from bookings in the period this year, although it expects adjusted underlying earnings will turn a profit.

Chairman nominee Zillah Byng-Thorne said Muhlmann was a “visionary entrepreneur” who will “undoubtedly be a critical asset to the company as it continues to grow and as we continue to execute on our strategy.”

Muhlmann will remain CEO during the time Trustpilot searches for his successor to ensure a smooth transition.

He told investors, “Trustpilot is a fantastic company with an exciting global market opportunity, and I am really excited to be given the opportunity to focus my efforts and skills on promoting our brand and helping to drive the Trust industry forward. calendar around the world.

“I’ve felt for a while that this is where I can make the biggest contribution and add the most value to Trustpilot in the years to come.”