Tech billionaire Romesh Wadhwani steps aside as CEO of his enterprise AI group SymphonyAI in favor of Sanjay Dhawan, former CEO of publicly traded Cerence.
five years ago. “It was rarely an easy ride. I’ve gone through hundreds and hundreds of obstacles in my business career.”
Wadhwani says that SymphonyAI revenues last year reached $220 million and are expected to hit $300 million this year . He notes that his combined enterprise AI business, including both SymphonyAI, now run by Dhawan, and ConcertAI, where life sciences exec and investor Jeff Elton is CEO, is larger than SymphonyAI's new CEO Sanjay Dhawan:"I still remember ringing the bell at Nasdaq...and I would love to do it again."“Enterprise AI is in its infancy,” Wadhwani says.
Dhawan, 58, had previously worked for Wadhwani as CEO of Symphony Teleca, one of the Symphony Technology Group companies, until its sale to Harman for $830 million in 2015. He subsequently spun Cerence out of Nuance as a publicly traded company in 2019. His abrupt departure from Cerence in mid-December was “Solving big AI problems is what I am very focused on,” Dhawan says. “Approaching $300 million in revenue is just a starting point for us.
“It is a passing of the baton, but in a good way,” Wadhwani says. “In my opinion, Sanjay is a better CEO than I am....The growth rate will accelerate under Sanjay’s leadership.”
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