LogMeIn CEO Simon Stepping Down by Year’s End

LogMeIn (LOGM) co-founder and CEO Michael K. Simon will step down from his position at the end of the year, according to a press release issued by the company earlier this week.

Simon, who helped form the cloud solutions company in 2003, will be succeeded by William R. Wagner, LogMeIn’s current president and chief operating officer. Wagner, who also serves on the board of directors, joined LogMeIn in 2013 as the company’s first COO and took on the additional role of president in January.

“Bill is a trusted and respected leader at LogMeIn, has embraced our core values and has pushed us to reach new heights,” said Simon, in a statement. “Bill possesses the unique combination of skills and vision to help LogMeIn achieve its next phase of growth.”

Simon will remain at LogMeIn as chairman of the board and will assume an advisory role to Wagner, according to the announcement. He was one of the first three employees to found LogMeIn in 2003 and helped lead the company though its public offering in 2009.

Last month the company released its Q3 earnings report and 2015 yearly outlook, with third quarter revenues expected to reach $69 million and full-year revenue to land around $266 million.