Image credit: Gary L Hider via Shutterstock
The CEO of London-listed Trustpilot has stepped down from his position after 16 years in charge of the review service.
Peter Holten Mühlmann, who was part of the original founding team that created Trustpilot in 2007, will transition from his position as CEO into the role of non-executive director.
Mühlmann will retain some responsibilities at the Danish-headquartered company, with the goal of promoting customer trust in the service.
The veteran CEO will continue his responsibilities as chief executive while the Trustpilot board searches for a suitable replacement.
“Trustpilot is a fantastic business with an exciting, global market opportunity, and I am truly thrilled to have the chance to focus my efforts and skills on promoting our brand and helping to drive the trust agenda around the world,” Mühlmann said.
“I have felt for some time that this is where I can make the greatest contribution and add the most value to Trustpilot in the years to come.”
The Trustpilot board’s chair designate, Zillah Byng-Thorne, described Mühlmann as “a visionary entrepreneur”.
Byng-Thorne added: “He founded Trustpilot and has been instrumental in building it into the successful, global business it is today.
“He will undoubtedly be a crucial asset to the company as it continues to grow, and as we continue to execute on our strategy, helping to ensure that Trustpilot does indeed become a universal symbol of trust.”
Trustpilot announced Mühlmann’s departure in its annual results, in which the company reported a loss for 2022 but reached break even in the second half of the year.
Trustpilot, which is used by consumers to review products and services, was listed publicly on the London Stock Exchange in 2021 during a blockbuster year for IPOs.
Like many of the tech IPOs from that year, Trustpilot is trading well below its debut price and is down nearly 80% from its September 2021 peak.