Rapid7 replaces CEO Corey Thomas with seasoned tech executive
Rapid7 replaces CEO Corey Thomas with seasoned tech executive
https://www.bostonglobe.com/2026/06/01/business/rapid7-ceo-corey-thomas-replaced/
Publish Date: 2026-06-01 17:10:00
Source Domain: www.bostonglobe.com
Rapid7 replaced chief executive Corey Thomas with seasoned tech executive Wael Mohamed on Monday, as the Boston cybersecurity firm fights to turn around slumping sales and profits.
Thomas, who served as CEO for 13 years, will shift to executive chair of Rapid7’s board. Mohamed, who joined Rapid7’s board as part of a settlement with activist investor Jana Partners last year, has more than 30 years of experience in the industry and previously ran California cybersecurity company Forescout.
Rapid7, considered a foundational cybersecurity company in Boston, has struggled with increased competition from larger players and new firms over the past few years. Sales rose just 2 percent to $860 million last year as profits declined 8 percent to $23 million. Sales this year are forecast to slip 2 to 3 percent, the company said last month.
Rapid7’s stock price had lost about two-thirds of its value over the past year, before the CEO announcement, and dropped 95 percent from a peak of over $140 in 2021. That compares to the share gains of larger rivals, such as CrowdStrike, up 65 percent over the past year, and Palo Alto Networks, up 57 percent.
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Rapid7 shares gained 4 percent to $8.74 on Monday after the announcement.
“I am committed to driving focus on the core businesses where Rapid7 is excellent and honing all of our resources and effort into the success of that vision,” Mohamed, 57, said in a statement.
Mohamed and Thomas were not available for interviews, the company said.
Rapid7 thrived for years focusing on a niche segment of cybersecurity, helping companies identify vulnerabilities. But larger cyber players expanded their offerings to compete with Rapid7, and corporate customers began looking for more comprehensive solutions.
As sales growth flagged and Rapid7’s stock price slumped, New York hedge fund Jana Partners got involved in 2024, buying a stake…
