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Thoughtworks Holding, a global tech consultancy, announces CEO Guo Xiao stepping down, succeeded by industry veteran Mike Sutcliff effective June 17, 2024. Xiao leaves a legacy of growth and innovation, while Sutcliff brings vast experience from Accenture and entrepreneurship to lead Thoughtworks into the future.
Thoughtworks Holding, Inc. (NASDAQ: TWKS) reported first quarter 2024 revenues of $248.6 million, exceeding expectations. The company raised full-year revenue guidance and reiterated full-year Adjusted EBITDA Margin guidance. Despite a challenging macroeconomic environment, the business saw stability, with strong bookings and 49 new clients. The restructuring program led to $87 million in annualized savings and plans for additional savings of $25 million to $30 million. However, there was a year-over-year decline in revenues, net loss margin, and Adjusted EBITDA Margin. The company expects to return to sequential quarter-over-quarter revenue growth in Q2 2024.
