Romanian billionaire Daniel Dines is resigning from the position of co-CEO of the Romanian-American IT company UiPath, which he founded together with Marius Tîrcă.
On July 7, Dines notified the Board of Directors of UiPath, Inc. that he will step down as co-CEO of the company, effective January 31, 2024. Afterwards, the company’s other co-CEO, Rob Enslin, will remain alone as CEO, according to a notification made by UiPath to the US authority of stock exchanges (SEC).
Daniel Dines will remain in the position of executive chairman of the UiPath Board of Directors and will also take on the newly created position of Chief Innovation Officer.
“In his new position at UiPath, as Chief Innovation Officer, Mr. Dines will lead the company’s technology and artificial intelligence initiatives,” UiPath said.
UiPath was founded in 2005, in Bucharest, under the name DeskOver, by Romanian programmers Daniel Dines and Marius Tîrcă. Currently, the IT company is headquartered in New York, but its largest software development center is still located in Bucharest.
UiPath is the first company founded in Romania to become a unicorn, i.e. a company valued at at least $1 billion following investments obtained from venture capital investors, before listing on the stock exchange. From April 2021, UiPath was listed on the New York Stock Exchange, the largest in the world, becoming the first company born in Romania to arrive there.
n May 2021, UiPath shares rose to around $80, bringing the company’s market value to around $44 billion. Afterwards, however, the New York-headquartered company’s shares fell, with the company’s market value dropping to around $9.2 billion today.