Key Points

  • Dropbox named Avalara President Ross Tennenbaum as its new CFO, effective December 16, according to an announcement on Wednesday.
  • Tennenbaum will succeed Tim Regan, who decided to resign after serving as CFO for more than five years and being with the company for nine years, Dropbox said in a securities filing and accompanying blog post.
  • "Ross brings financial acumen, operational experience, and a deep understanding of the technology sector, and I look forward to working with him as we begin our next chapter," Dropbox CEO Drew Houston said in a statement in the filing.

Deep Dive

Tennenbaum will take over as CFO at the San Francisco-based headquarters after Dropbox reported a slight decline in sales last month. The company's total revenue for the third quarter of fiscal 2025, which ended September 30, was $634.4 million, down 0.7% year-over-year. Total paying users fell to 18.07 million from 18.24 million in the same period last year.

Regan said the quarterly revenue decline was partly due to the company scaling back its investment in FormSwift, a document workflow business acquired for $95 million in 2022 that is being wound down. "We expect FormSwift to have about a 130 basis point negative impact on revenue this year," the finance chief said on a November 6 earnings call.

He also noted that priorities for the next fiscal year include expanding Dash, an AI-powered workspace search tool.

In addition to the CFO change, the company also announced on Wednesday the appointment of Eric Webster as its new Chief Commercial Officer. Webster was previously an operating partner at Boston-based growth equity firm Silversmith Capital Partners.

"These changes come as we deepen our focus on scaling Dropbox Dash and strengthening our core file storage and sync experience," the company said in the blog post.

According to the filing with the U.S. Securities and Exchange Commission, Tennenbaum, 47, will receive an annual base salary of $550,000 and a one-time cash signing bonus of $350,000 in his new role. He brings more than two decades of financial and operational leadership experience, including nearly a decade at Avalara. He served as CFO at Avalara and became president in 2024.

Before joining Avalara, Tennenbaum spent a decade in investment banking at Goldman Sachs and Credit Suisse, advising technology companies.

Dropbox praised Regan as a "steady and trusted leader" since joining the company as Chief Accounting Officer in 2016. "During his tenure, Tim helped take Dropbox through its IPO, became CFO in 2020, and strengthened our financial foundation while supporting our teams with humility, integrity, and great humor," the blog post read.

The filing said Regan's resignation "reflects his desire to pursue the next chapter of his career and did not involve any disagreement with the company on any matter relating to strategy, financial reporting, operations, policies, or practices."