MongoDB's stock is down more than 20% as CEO decamps to Meta

MongoDB shares fell more than 20% on Monday after the company said its CEO, Chirantan “CJ” Desai, is leaving to take a new role at Meta Platforms. Meta is forming an enterprise platform business to help developers use Meta’s products, including the Muse AI assistant, as well as coding tools and application programming interfaces. Desai will become chief enterprise platform officer, a move Mark Zuckerberg framed as “the next major pillar” for Meta. MongoDB will hold an investor day on Tuesday. Dev Ittycheria, who led the company for more than a decade through 2025, will return as interim CEO while MongoDB searches for a permanent replacement. Analysts said MongoDB maintained its full-year forecast despite the leadership change.