Discord names new CEO ahead of potential IPO as co-founder steps down

Discord co-founder and CEO Jason Citron is stepping down from the gaming-focused social messaging service, the startup said Wednesday.

Citron will be replaced by former Activision Blizzard Vice Chairman Humam Sakhnini, who will assume the reigns as Discord CEO and join the company’s board on Monday. Citron will remain on Discord’s board and become an advisor to the CEO, the company said.

In a public memo to employees, Citron said “it feels like the right time” to move on from the executive role and that the company has a “clear strategy, new business lines to grow into, love and passion from our users, and an incredible team of people working tirelessly to deliver for them.”

“The job of a CEO is constantly evolving, and over the years I have continuously ‘hired myself out of a job,'” Citron wrote. “Usually that means delegating work and then taking on different leadership challenges. However, as I look at what is needed of Discord’s CEO over the next few years, I realize that it’s time for me to literally ‘hire myself out of a job.'”

Citron credited Sakhnini’s 15-year experience in the video game industry as helping steer the startup he co-founded alongside Chief Technology Officer Stanislav Vishnevskiy in 2012, when it was initially a gaming studio before its 2015 pivot to online communications.

At Activision Blizzard, Sakhnini helped oversee major gaming franchises like World of Warcraft, Call of Duty and Candy Crush, the company said. Vishnevskiy will remain Discord’s CTO.

Discord’s executive change comes amid media reports that it met with investment bankers to discuss a possible initial product offering as soon as this year. A Discord spokesperson told CNBC in a statement that it does “not comment on rumors or speculation” and that it is focused on “delivering the best possible experience for our users and building a strong, sustainable business.”

A member of CNBC’s Disruptor 50 list, Discord has roughly 200 million global monthly active users who access its “servers” to discuss shared interests using text, voice or video. Discord has raised a total of $1.1 billion and is valued at around $14.7 billion, according to PitchBook.

WATCH: Discord held talks on IPO.