Evernote cuts price of its Premium membership as report suggests it’s in a ‘death spiral’

Evernote has slashed the price of its Premium membership as a new report indicates the company is struggling financially and facing leadership departures. According to a new report from TechCrunch, Evernote has lost its CTO, CFO, CPO, and HR head in the last month…

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Amid the departure of CTO Anirban Kundu, CFO Vincent Toolan, CPO Erik Wrobel and head of HR Michelle Wagner, Evernote has moved several recent hires to expanded roles within the company.

Ranjit Probhu, who joined Evernote in May of this year as a SVP of engineering, will partner with Andrew Malcom, SVP of product, growth, and marketing, to work on “how tech and product will fit together.” Susan Stick, who was hired in June as Evernote’s general counsel, is expanding to cover “people operations.” Francie Strong, VP of communications, is also expanding to be SVP of brand and communications.

While Evernote confirmed the departure of each executive to TechCrunch, the company did not offer any reasoning. The report cites an anonymous source, however, who said that Evernote is in a “death spiral” due to flat user growth and a lack of enterprise adoption:

A person who tipped TechCrunch off to the executive departures gave a slightly more blunt and uncharitable spin on the state of affairs. “Evernote is in a death spiral,” the tipster claimed. “Paid user growth and active users have been flat for the last six years and their enterprise product offering has not caught on.”

As noted by The Verge, Evernote has drastically cut the price of its Premium membership this week. When purchasing in the form of a yearly subscription, you can net an Evernote Premium membership for $42 – down from its normal rate of $70.

If you want to read more about Evernote’s apparent “death spiral,” check out TechCrunch’s full profile right here.

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