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1Hootsuite Inc. is overhauling its entire executive team, one month after announcing founder and CEO Ryan Holmes is stepping down. In a memo to staff of the Vancouver-based social media management company last week, Mr. Holmes said that Greg Twinney – the company’s chief operating officer, chief financial officer and interim sales leader – chief marketing officer Penny Wilson and Matt Handford, senior vice president of people, would depart at year’s end. Mr. Holmes, who is set to become executive chairman once his replacement is hired, said in a statement to the Globe that following “a milestone year...I engaged with the executive team in candid conversations about the right strategy and organization to lead the company into its bright future. In doing so, we mutually agreed, it was time to pass the torch on to the next phase of leadership." Story continues below advertisement He thanked the trio, saying they made “immeasurable contributions" to Hootsuite. As part of the changes, Mr. Holmes has promoted Ryan Donovan, who joined in February as senior vice president, product and technology, to chief technology officer. Outsider Ron Totaro, a veteran American technology executive, is filling the vacant chief revenue officer post on an interim basis, while vice president of finance Ric Leong has been promoted to senior vice president. Hootsuite has had hired veteran brand and marketing executive Henk Campher as vice president corporate marketing. Mr. Holmes told staff he would replace Mr. Handford at a vice president level. Like that role, most of the replacement roles are one notch down the organization chart from their predecessors. “We believe these changes will allow us to improve reporting lines, increase agility and drive innovation” Mr. Holmes wrote. The departure of the three top executives who reported to Mr. Holmes ends a tumultuous year for the company, one of Canada’s largest private software firms. Hootsuite abandoned an auction process led by Goldman Sachs Group just before Christmas 2018 after preliminary offers came in below expectations. That coincided with departures of senior sales, product and technology executives, the Globe reported in January. In April the company laid off about 10 percent of employees, or 100 people, as it sought to improve efficiencies. During the summer, board advisors, John Ruffolo and Paul McFeeters, formally left their roles, as well as corporate secretary and senior vice president of legal Paula Pepin. The Globe reported last month that Mr. Holmes’ departure followed months of tense board discussions about whether he was still the right person to lead the company after prospective buyers raised concerns about some of Hootsuite’s performance metrics and customer and employee churn. In his resignation note to shareholders last month, Mr. Holmes highlighted the fact the company had surpassed US$200 million in annual recurring revenue, reached profitability and that changes to sales and marketing teams had prompted a 20 per cent increase in contract values and improved retention rates. In an interview, Mr. Twinney - who has played a pivotal in driving the company’s improved financial and operating performance in his two-plus years with the company – said he remained a shareholder and on good terms with Mr. Holmes. “It’s a difficult decision” to resign, a decision that he made in the second half of the year he said. “We’ve made a lot of progress with the business and it is in a good position moving forward…This isn’t me storming out the door [but] deciding in a thoughtful, mutually agreed upon way” to leave while ensuring a successful transition. “The business is in a healthy state, especially from a financial perspective, growing profitably. There are very few companies that are doing that at our size, scale and international footprint.” One insider said Mr. Twinney’s departure in particular had shaken staff as he was seen as a key “change agent” internally. “I think we’ll see some profound instability for awhile until a professional CEO is hired,” the source said. Story continues below advertisement The Globe is keeping the source confidential because they were not authorized to speak to the media. Hootsuite was born 11 years ago from Mr. Holmes’ internet services and marketing consultancy, Invoke Media. With the rise of social media Hootsuite became a Canadian tech darling, helping corporate customers manage social media and navigate the new communication channels with their customers. Despite despite raising US$250-million in venture capital, the company struggled to reach and maintain profitability, missing several sales targets, while a stream of seasoned executives recruited from outside cycled through the business.