GoDaddy founder steps down from board
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GoDaddy founder steps down from board

GoDaddy, the world’s largest domain name hosting site, has just lost its longest serving board member: serial entrepreneur and founder Bob Parsons. Parsons, who created GoDaddy in 1997, sold the company in 2011, but remained involved as board chairman. Following the company’s successful IPO in 2015, he remained on the board. However, the time has now come for him to step back entirely.

GoDaddy’s share price has risen by 43% so far this year

graph 1210 godaddy

SOURCE: Yahoo Finance

In a public statement, Parsons said: "It's hard to describe how proud I am of the magnificent enterprise GoDaddy has become. The companies I created outside of GoDaddy now demand my full-time attention, so it's time for me now to resign my seat on the GoDaddy board and focus solely on Yam Worldwide."

GoDaddy CEO, Scott Wagner, praised Parsons’ for his leadership over the years, saying: "Bob embodies entrepreneurialism, and his imagination, drive and grit continue in the spirit of GoDaddy. Bob's original vision for the company inspires and guides us today, and we will miss his contributions at the board. Bob, thank you for creating a company with tremendous value for those all over the world who – like you – have ideas they want to make real."

Board chairman Chuck Robel added: "Bob's impact on GoDaddy, and our industry, has been immeasurable. He made the Internet accessible to all by pioneering how people acquire and manage a domain name. I deeply respect Bob, and we will miss his insights."

While Parsons casts a looming shadow over executives at GoDaddy, investors have been unperturbed by his departure. This is partly due to the staggered, and sensible, nature it took: a slow, years-long, transfer of power away from the founder, and the establishment of a capable top team and proven business strategy. Parsons’ colleagues may be sad to see him go, but thankfully (and due, in no small part, to his own sterling work) investors don’t have to be.

Disclosure

Dominion holds GoDaddy in its Global Trends Ecommerce Fund.


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