Udemy CEO to Retire, Replaced by President of Udemy Business
Last year, Udemy’s B2B overtook their B2C. Now, their President of Business will become the new CEO.
This week, Udemy announced that Chairman and CEO Gregg Coccari will retire at the end of February 2023. Greg Brown, president of Udemy Business, will take over as CEO of Udemy on March 1st.
In the third quarter of 2022, Class Central noticed that Udemy’s B2B revenue had eclipsed its B2C revenue.
Udemy’s B2C revenue has plateaued since 2020. In 2021, the company’s consumer revenue grew by just 1%, while their business revenue grew by 81%. In 2022, Udemy’s B2C revenue is on track for a decline.
Udemy’s future as a public company rests on Udemy Business, and their new CEO pick reflects this direction. Like many other online education companies, Udemy saw its stock price collapse in 2022 — by 45%.
| 2019 | 2020 | 2021 | 2022 (till Q3) | |
| Total | $276.3m | $429.9m | $515.7m | $463.7m |
| Consumer | $225.5m | $326.4m | $328.7m | $240.4m |
| Business | $50.9m | $103.4m | $187.0m | $223.4m |
| Net Loss | ($69.7m) | ($77.6m) | ($80.03m) | ($101.7) |
Gregg Coccari joined Udemy as CEO in February 2019, taking over from Kevin Johnson. Greg Brown will be Udemy’s fifth CEO since the company was founded in 2010.
According to Udemy’s investor filings, Cocarri has a base salary of $565,000 per year and is eligible to receive an annual target bonus of 100% of the base salary. He’ll also be awarded restricted stock units (“RSUs”) having a value of $6 million, which will vest over 4 years.
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