Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT),
an industry-leading provider of cloud-based social media management
software, today announced that President Ryan Barretto will become
Sprout Social’s CEO, effective October 1, 2024. Co-Founder and
current CEO Justyn Howard will step into the role of Executive
Chair.
Barretto joined Sprout Social in 2016 as SVP of Global Sales
& Success. In December 2020, he was promoted to President and
was responsible for GTM operations including Marketing, Sales,
Customer Success, and Partnerships. During his nearly 8 year tenure
at the Company, Barretto has served as a trusted member of the
executive team, helping scale the business from $30M ARR to more
than $385M exiting 2023. Prior to joining Sprout, Barretto spent
ten years with Salesforce in a variety of leadership roles as the
company scaled from $180M to more than $7B in annual sales.
“Over the past 8 years Ryan has become the backbone of our
company and the clear leader to take us through our next era of
growth and innovation as we scale our business to $1B and beyond,”
said Chairman and CEO, Justyn Howard. “It’s rare for a founder/CEO
to work with someone who so clearly complements their strengths to
make a transition like this possible, and we’re both thrilled about
the value we believe this will create for the company. We wouldn’t
be where we are today without Ryan’s leadership, integrity,
accountability and commitment to our team and our customers.”
Over the next six months, Howard will work closely with Barretto
to transition CEO responsibilities, ensuring a seamless transition
of leadership. Then, as Executive Chair, Howard will continue to
work alongside Barretto, and Sprout’s board of directors and
executive leadership team, to further the Company’s most strategic
objectives.
“Building this company together has been the highlight of my
professional career. I am incredibly grateful to Justyn, our
leaders and our board for their trust and confidence in me leading
Sprout through our next era of growth and innovation,” said
Barreto. “Our success has been rooted in a deep commitment to our
people, our products and our customers. I’m excited to build upon
that foundation as we execute against our vision and deliver more
value to our team, our customers and shareholders in the years to
come.”
About Sprout Social
Sprout Social is a global leader in social media management and
analytics software. Sprout’s intuitive platform puts powerful
social data into the hands of more than 30,000 brands so they can
deliver smarter, faster business impact. Named the #1 Best Software
Product by G2’s 2024 Best Software Award, Sprout offers
comprehensive publishing and engagement functionality, customer
care, influencer marketing, advocacy, and AI-powered business
intelligence. Sprout’s software operates across all major social
media networks and digital platforms. For more information about
Sprout Social (NASDAQ: SPT), visit sproutsocial.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. In some cases, you can identify forward-looking statements
by terms such as “anticipate,” “believe,” “can,” “continue,”
“could,” “estimate,” “expect,” “explore,” “intend,” “long-term
model,” “may,” “might” “next era,” “outlook,” “plan,” “potential,”
“predict,” “project,” “should,” “strategy,” “target,” “will,”
“would,” or the negative of these terms, and similar expressions
intended to identify forward-looking statements. However, not all
forward-looking statements contain these identifying words. These
statements may relate to our market size and growth strategy, our
estimated and projected costs, margins, revenue, expenditures and
customer and financial growth rates, our $1 billion revenue target,
our plans and objectives for future operations, growth, initiatives
or strategies. By their nature, these statements are subject to
numerous uncertainties and risks, including factors beyond our
control, that could cause actual results, performance or
achievement to differ materially and adversely from those
anticipated or implied in the forward-looking statements. These
assumptions, uncertainties and risks include that, among others: we
may not be able to sustain our revenue and customer growth rate in
the future; price increases have and may continue to negatively
impact demand for our products, customer acquisition and retention
and reduce the total number of customers or customer additions; our
business would be harmed by any significant interruptions, delays
or outages in services from our platform, our API providers, or
certain social media platforms; if we are unable to attract
potential customers through unpaid channels, convert this traffic
to free trials or convert free trials to paid subscriptions, our
business and results of operations may be adversely affected; we
may be unable to successfully enter new markets, manage our
international expansion and comply with any applicable
international laws and regulations; we may be unable to integrate
acquired businesses or technologies successfully or achieve the
expected benefits of such acquisitions and investments; unstable
market and economic conditions, such as recession risks, effects of
inflation, labor shortages, supply chain issues, high interest
rates, and the impacts of current and potential future bank
failures and impacts of ongoing overseas conflicts, could adversely
impact our business and that of our existing and prospective
customers, which may result in reduced demand for our products; we
may not be able to generate sufficient cash to service our
indebtedness; covenants in our credit agreement may restrict our
operations, and if we do not effectively manage our business to
comply with these covenants, our financial condition could be
adversely impacted; any cybersecurity-related attack, significant
data breach or disruption of the information technology systems or
networks on which we rely could negatively affect our business; and
changing regulations relating to privacy, information security and
data protection could increase our costs, affect or limit how we
collect and use personal information and harm our brand. Additional
risks and uncertainties that could cause actual outcomes and
results to differ materially from those contemplated by the
forward-looking statements are included under the caption “Risk
Factors” and elsewhere in our filings with the Securities and
Exchange Commission (the “SEC”), including our Annual Report on
Form 10-K for the year ended December 31, 2023 filed with the SEC
on February 23, 2024, as well as any future reports that we file
with the SEC. Moreover, you should interpret many of the risks
identified in those reports as being heightened as a result of the
current instability in market and economic conditions.
Forward-looking statements speak only as of the date the statements
are made and are based on information available to Sprout Social at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events. Sprout Social
assumes no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
except as required by law.
Availability of Information on Sprout Social’s Website
and Social Media Profiles
Investors and others
should note that Sprout Social routinely announces material
information to investors and the marketplace using SEC filings,
press releases, public conference calls, webcasts and the Sprout
Social Investors website. We also intend to use the social media
profiles listed below as a means of disclosing information about us
to our customers, investors and the public. While not all of the
information that the Company posts to the Sprout Social Investors
website or to social media profiles is of a material nature, some
information could be deemed to be material. Accordingly, the
Company encourages investors, the media, and others interested in
Sprout Social to review the information that it shares at the
Investors link located at the bottom of the page on
www.sproutsocial.com and to regularly follow our social media
profiles. Users may automatically receive email alerts and other
information about Sprout Social when enrolling an email address by
visiting "Email Alerts" in the "Shareholder Services" section of
Sprout Social's Investor website at
https://investors.sproutsocial.com/.
Social Media Profiles:
www.twitter.com/SproutSocial www.twitter.com/SproutSocialIR
www.facebook.com/SproutSocialInc
www.linkedin.com/company/sprout-social-inc-/
www.instagram.com/sproutsocial
Contact
Media:Kaitlyn GronekEmail:
pr@sproutsocial.comPhone: (860) 309-4550
Investors:Jason RechelTwitter:
@SproutSocialIREmail: jason.rechel@sproutsocial.comPhone: (312)
528-9166
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