MongoDB falls 16% as CEO steps down for Meta

MongoDB shares dropped 16.43% in premarket trading after the database software company announced that CEO Chirantan "CJ" Desai stepped down, effective immediately. Desai is leaving to join Meta Platforms as chief enterprise platform officer, where he will report directly to CEO Mark Zuckerberg, according to CNBC.

The board appointed former chief executive Dev Ittycheria as interim president and CEO. Ittycheria led MongoDB from 2014 to 2025, expanding annual revenue from about $35 million to more than $2.3 billion, and has served as an executive board member since. The board has engaged an executive search firm to recruit a permanent successor. Chairman Tom Killalea stated that the company's business remains strong.

MongoDB also reaffirmed its third-quarter and fiscal 2027 financial guidance originally issued on Sept. 1. The leadership change arrives just ahead of the company's Investor Day scheduled for Tuesday, Sept. 29, at Nasdaq MarketSite, where management plans to present its long-term strategy.