Leadership Transition Marks New Era for Privately-Held Smartsheet

Smartsheet has initiated a significant leadership transition following its recent privatization. Mark Mader, who led the company for nearly two decades, has stepped down from his role as Chief Executive Officer. The board has appointed SaaS industry veteran Sunny Gupta as Executive Chair and interim CEO, effective immediately. This change comes several months after the company’s delisting from public markets in January 2025, when Blackstone and Vista Equity Partners completed their acquisition of the collaborative work management platform.

The $8.4 billion take-private transaction has ushered in a new chapter for Smartsheet, allowing the company to operate without the quarterly pressures of public markets. Shareholders received $56.50 per share in the acquisition—a premium of approximately 41% over the stock’s average price during the preceding 90 trading days.

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