MongoDB expands buyback program to $2 billion amid CEO resignation

MongoDB has expanded its approved share buyback program by $1 billion, bringing the total authorized amount to $2 billion. The board of directors approved this increase on September 25, though management has not committed to a fixed schedule or minimum volume for the purchases.

The company also announced a significant leadership change: CEO Chirantan ‘CJ’ Desai has resigned, effective immediately, to take a leadership role at Meta Platforms. Dev Ittycheria, a former head of the company, has been appointed interim president and interim CEO while a search for a permanent successor is conducted.

On the product front, MongoDB introduced database version 9.0 and announced several AI-focused initiatives, including Atlas Infinite, Atlas Agent Engine, and ‘Devin for MongoDB’ in collaboration with Cognition. Regarding financial outlooks, the company confirmed its guidance for the third quarter and fiscal year 2027, targeting annual revenue growth of more than 20% and aiming for mid-20% growth for its Atlas cloud offering.