Procore CEO to step down, search for successor begins

CARPINTERIA, Calif. - Procore Technologies, Inc. (NYSE: PCOR), a leading provider of construction management software with a market capitalization of $10.37 billion and impressive gross profit margins of 82%, announced today that its Founder, President, and CEO, Tooey Courtemanche, will transition to the role of Executive Chairman once a new CEO is appointed. According to InvestingPro analysis, the company is currently trading slightly above its Fair Value. The company’s Board of Directors has initiated a comprehensive search to find Courtemanche’s successor.

Courtemanche, who founded Procore with the aim of addressing significant challenges in the construction industry, expressed confidence in the timing of this transition. "I made this decision with the confidence that our business foundation is strong, and now is the right time to begin the process of finding a new CEO who will build on our momentum and lead the Company through its next phase of growth," he said. The company’s strong foundation is evidenced by its solid 21.23% revenue growth and healthy balance sheet, with more cash than debt, as revealed by InvestingPro data.

Graham Smith, Lead Independent Director, praised Courtemanche’s vision and leadership, emphasizing the importance of finding a successor committed to the company’s mission and capable of driving growth.

Procore, which has run over three million projects in more than 150 countries, reaffirmed its financial guidance for the first quarter and full-year fiscal 2025, as previously announced on February 13, 2025. The company continues to emphasize efficiency and risk mitigation in construction through AI and data-driven insights.

The forward-looking statements in the press release regarding the CEO succession and financial outlook involve risks and uncertainties. These statements are based on Procore’s current expectations and projections about future events, which are subject to change based on various factors, including the ability to manage a CEO transition effectively and maintain financial performance. For deeper insights into Procore’s financial health and future prospects, investors can access comprehensive analysis and additional ProTips through a InvestingPro subscription, which includes exclusive access to detailed Pro Research Reports covering 1,400+ top stocks.

The information presented in this article is based on a press release statement from Procore Technologies, Inc.

In other recent news, Procore Technologies has reported its fourth-quarter earnings, revealing a mixed financial performance. The company posted a non-GAAP earnings per share (EPS) of $0.01, which did not meet the consensus estimate of $0.11. However, Procore’s revenue surpassed expectations, reaching $302 million compared to the forecasted $297.43 million, marking a 16% year-over-year increase. KeyBanc Capital Markets responded to Procore’s strong quarterly results by raising its price target for the company’s shares to $96, up from $85, and maintaining an Overweight rating.

JMP Securities also adjusted its price target for Procore, increasing it to $95 from $90, while keeping a Market Outperform rating. Both firms highlighted Procore’s calculated remaining performance obligations (cRPO), which exceeded analyst predictions and indicated strong sales productivity and execution. Procore’s full-year revenue guidance has been raised to between $1.285 billion and $1.290 billion, reflecting a 12% growth, with an increased non-GAAP operating margin guidance of 13-13.5%.

The company’s strategic initiatives, including new product launches and AI investments, were noted as contributing factors to its performance. Despite the EPS miss, Procore’s stock experienced a notable rise following the earnings release, reflecting investor confidence in the company’s future prospects.

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