Calgary-based charitable donation management software firm Benevity has announced that Christopher Maloof will be replacing outgoing CEO Kelly Schmitt on Sept. 3.
Maloof had been serving as an operating partner at prominent American software-focused private equity firm Thoma Bravo and was also president of California-based digital lending firm MeridianLink up until this month according to his LinkedIn.
In a statement, Benevity pointed to Maloof’s “wealth of experience” in product development, leading scaled enterprise software companies, and working with impact-oriented organizations like nonprofits and credit unions.
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Benevity added that Maloof launched multiple new products at MeridianLink, drove its strategic acquisitions, supported digital transformation initiatives, and charted the growth path for its initial public offering.
Benevity founder and board member Bryan de Lottinville said in a statement that Maloof has “exceptional experience leading organizations focused on growth, scale, and efficiency,” adding that he is the right leader to “shepherd” Benevity.
“As the global leader in social impact software, Benevity has redefined what business can achieve when it aligns purpose with action,” Maloof wrote in a LinkedIn post. “Benevity’s commitment to empowering people and organizations to create meaningful change resonates with me.”
Founded in 2008, Benevity offers community investment as well as employee, customer, and nonprofit engagement software solutions. The company achieved a $1-billion valuation, also known as unicorn status, when United Kingdom-based private equity firm Hg purchased control of Benevity in December 2020.
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Benevity said that Schmitt chose to step down from her role as CEO after a six-year tenure with the company, where she started as its CFO. During that time, Benevity claimed Schmitt led the company to facilitate more than $15-billion in donations and credited her with achieving the $1-billion valuation and profitability.
Schmitt became CEO in January 2021 after de Lottinville relinquished the role to be the company’s executive chairman for the second time in less than a year following the previous CEO stepping away for health reasons. In early 2023, Benevity laid off 137 employees, or 14 percent of its team, due to “macroeconomic conditions” and “significantly” slowed demand.
Maloof isn’t Benevity’s only executive addition this year, having brought on Ricardo Moreno as chief revenue officer (CRO) in January. Moreno brought experience as a senior vice president and CRO at compliance software company Diligent and as a vice-president at customer service software company Zendesk.
Feature image courtesy Benevity.