Darktrace chief steps down ahead of £4.3bn private equity takeover

Poppy Gustafsson, who co-founded the business in 2013, will be replaced as chief executive by Jill Popelka, the company said.

Darktrace shares plunged by a third after a private equity suitor confirmed it would not make a bid for the UK cyber-security specialist (Alamy/PA)

Poppy Gustafsson has stepped down as the boss of Darktrace ahead of the takeover of the UK cybersecurity firm.

Ms Gustafsson, who co-founded the business in 2013, will be replaced as chief executive by Jill Popelka, the company said.

It comes after private equity group Thoma Bravo struck an almost £4.3 billion deal to take Darktrace private in April.

The takeover is expected to complete later this year, with the company hoping to clear its final European regulatory hurdle at the end of this month.

Darktrace has been a huge part of my life and my identity for over a decade and I am immensely proud of everything we have achieved in that time

Poppy Gustafsson

Ms Gustafsson helped to set up the Cambridge-based company in 2013 alongside Autonomy founder Mike Lynch.

Mr Lynch, and his daughter Hannah, were among seven people to die after the Bayesian superyacht sank off the coast of Sicily last month.

The outgoing chief executive said: “Darktrace has been a huge part of my life and my identity for over a decade and I am immensely proud of everything we have achieved in that time.

“This challenge has required tremendous personal and professional commitment from me.

“With the acquisition of Darktrace by Thoma Bravo nearing its completion and with us having identified an excellent successor in Jill, now is the right time to hand over the reins so Jill can lead Darktrace through its transition into private ownership and beyond.”

The potential of Darktrace is enormous - our technology has never been more critical to organisations around the world

Jill Popelka

Her replacement, Ms Popelka, is currently chief operating officer of the business, having joined the firm earlier this year.

She has previously held senior leadership roles at tech businesses including Accenture, Snap Inc and SAP SuccessFactors.

Ms Popelka said: “Poppy and the team have built something very special.

“The potential of Darktrace is enormous – our technology has never been more critical to organisations around the world and our AI-native capabilities position us at the forefront of the ever-changing cybersecurity market.”

Andrew Almeida, partner at Thoma Bravo, said: “We are fully supportive of Poppy and the board’s succession plan.

“Jill is the perfect leader to build on Poppy’s tremendous legacy at Darktrace as it embarks on this next phase of its life given her immense experience of scaling and maturing fast-growing businesses.”