Meta taps MongoDB CEO Chirantan Desai to drive enterprise AI push

Meta Platforms has poached MongoDB CEO Chirantan "CJ" Desai to spearhead a new business designed to bring the social media giant's AI tools to corporate customers.

Shares of the database software provider tumbled 18% in morning trading on Monday after Desai announced his departure, less than a year after taking over as CEO.

Read more: Meta launches enterprise platform; appoints Chirantan Desai to lead division

Desai, a veteran technology executive, succeeded Dev Ittycheria. MongoDB has appointed Ittycheria as interim CEO as it searches for a permanent replacement.

"While the departure is disappointing, we believe MongoDB remains well-positioned strategically and view the share-price reaction as overdone," brokerage Piper Sandler said in a note.

Meta said on Monday it would bring its AI models, agents and tools to businesses through its new Meta Enterprise Platform, including the newly launched Muse, Meta Business Agent and coding tools.