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Freshworks said on Wednesday that Dennis Woodside will take over as CEO of the CRM software maker, and founder Girish Mathrubootham will be the firm's executive chairman.

Shares of the San Mateo, California-based company fell about 21% in extended trading.

Woodside joined Freshworks as president in 2022, with a prior professional record including roles as president at Impossible Foods, Dropbox COO and Motorola Mobility's CEO.

Mathrubootham founded the company in 2010 in India's Southern city of Chennai and guided the company to go public in the Nasdaq stock exchange in 2021.

Separately, it also forecast second quarter revenue between $168 and $170 million, below market estimates of $172.1 million, according to LSEG data.