Similarweb Ltd. (NYSE: SMWB) announced that its board of directors has initiated a formal search process for the company's next chief executive officer as part of a planned leadership transition.

Founder and CEO Or Offer, who established the digital market intelligence company in 2007, informed the board of his intention to transition out of the CEO role as he approaches 20 years of leadership in May 2027. Offer will continue serving as CEO through the conclusion of the search and a transition period with his successor, with the leadership change expected to be completed by mid-2027.

"When I started this company nearly 20 years ago, I always believed that the right time to begin planning for the next chapter would be as I approached two decades of leading it," Offer stated in the announcement. He said the company is performing strongly and expressed confidence in the leadership team and foundations built for the next growth phase.

Board Chairman Harel Beit-On said the board is committed to conducting a thorough search to identify a successor with experience to lead Similarweb through its next phase. The company is engaging with an executive search firm to evaluate candidates.

The Tel Aviv-based company stated there is no change to its strategy, operations, or financial outlook. Similarweb provides web and app data analytics to help businesses identify market opportunities and competitive threats.

The company was scheduled to report first quarter 2026 results on the same day as the succession planning announcement.