A Letter from Mike
At Workrise, we strive for radical transparency. We recently shared with employees, partners, and stakeholders the story behind some notable changes taking place at the company as we begin the latest, greatest chapter in the Workrise story: fulfilling our original mission to become the supply chain platform for energy. Here’s a lightly edited version of the note sent to employees by Workrise co-founder and outgoing CEO Mike Witte.
Team -
Workrise closed out 2023 in the healthiest financial and strategic position in company history. I could not be more proud — not just of a stellar Q4, but of all our progress over the last two years. Brick by brick, quarter by quarter, we have built a new Workrise.
Just a couple of years ago, it was far from certain that we’d ever be in the position that we are in today. After co-founding and scaling the company from $0 to a nearly $3B valuation, we hit some choppy waters. In the second half of 2021 the macro environment had changed dramatically for Workrise, our financial situation was deteriorating rapidly… oh, and Xuan learned he had a rare and life-threatening heart condition.
As Xuan stepped back to focus on his health, I was asked by the board to step in as CEO. It was February 2022, and my assignment was to do three things: (1) survive, (2) regain control of the Workrise destiny, and (3) transform the company strategy. Today, I can confidently say we have delivered on all three.
Over the last two years we didn’t just survive, we thrived.
- We exit the year with eight consecutive quarters of record topline performance.
- This growth, combined with hard work and operational rigor has put us in control of our destiny. We are profitable and operating in a robust liquidity position.
- We accomplished this while also delivering on a new future for Workrise. We enter 2024 as an end-to-end supply chain platform for the energy industry, with exciting early growth coming from our new product lines.
WE did this. It wasn’t easy, but we did this for the opportunity in front of us.
This month we celebrate an internal milestone that we refer to as “completing the chain.” This milestone marks the completion of the unbroken sequence of digital capabilities that make up the new Workrise supply chain platform. This is a huge moment for the business, and a big moment for an industry that I love.
This milestone also represents the beginning of a new chapter. I will be stepping down as CEO and transitioning the leadership of Workrise to a new CEO, Mick Hollison. After an extensive search, Xuan and I, along with the board, chose Mick because of his impressive leadership experience, extraordinary communications skills, and transformative go-to-market expertise. On a more personal level, Xuan and I chose Mick because he’s a great cultural fit who shares our core values.
As I told Mick the day he signed, I am proud to have helped build something that someone of his caliber is willing to take over. I believe Mick’s willingness to come aboard is a direct reflection of the strength of our business and the enormous opportunities in front of us. I have no doubt Mick is the right person to take Workrise to new levels.
That said, I’m not going anywhere. I’ll be leaning in with Mick to ensure a successful transition, something that we have already been actively working through. I will also continue to stay involved as a strategic partner to Mick, as well as an active member of the board of directors.
When I think about this next chapter, I’m reminded of a quote from Tom Brady, the greatest quarterback of all time and quite possibly the greatest athlete of all time. Throughout his career, which included leading his team to seven Super Bowl wins, Tom would often be asked which of his championship rings was his favorite. His response was always… “The next one.”
I’ve spent 10 years (over 25% of my life) obsessed with this business. I’ve given all I have since co-founding it a decade ago with little more than a big idea and the determination to make it a reality. I’ve left nothing on the field as CEO for the last two years and COO for the prior eight.
I’ve lived a LOT of chapters in the history of RigUp and Workrise, from a couple of guys in a closet trying to make ends meet to a multibillion-dollar company. I’ve lived the highest of highs and the depths of negative oil prices. I’ve lived this company as a bachelor founder, as a married leader, and as a father of one … and two. I’ve lived the series A, and B, and C, and D, and E. I’ve lived the startup struggle, and I’ve held on during hyper growth. I’ve also torn it all down to build it back up again.
What’s my favorite chapter in this journey? The next one. And I can’t wait to watch as Mick hits the accelerator on this next stage.
Thank you all for the last two years, and the last decade.
Brick by brick.
- Mike
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