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Vanessa Wittman, Dropbox's new chief financial officer

Vanessa Wittman, Dropbox’s new chief financial officer

Dropbox has appointed former Motoralla CFO Vanessa Wittman as the company’s new chief financial officer, reigniting rumours the firm could follow its rival Box in releasing an initial public offering.

Wittman will take over from outgoing chief financial offer Sujay Jaswa, who according to Dropbox co-founder and chief executive Drew Houston will head back into the investment world.

“Sujay left venture capital to join Dropbox at a time when we could fit the whole company into a single conference room. It wasn’t long before he found himself building and managing all of our business teams, raising more than a billion dollars, and recruiting incredible leaders to accelerate our growth,” Houston said in a statement on the Dropbox corporate blog.

“After four wild years and with things at Dropbox in great shape, Sujay has decided to return to the world of investing, and together we found an amazing leader in Vanessa,” he said, adding that Jaswa would stay on as a special advisor for at least the next few months to help oversee the transition.

Wittman is a tech finance veteran and most recently served as senior vice president and chief financial officer at Motorola Mobility, where she was appointed following its acquisition by Google.

She also held top finance roles at Marsh & McLennan, 360networks, Metricom and Adelphia Communications, and served in a number of senior positions at Microsoft and Morgan Stanley.

The appointment has raised speculation that Dropbox could be reshuffling its finance team in advance of an IPO, a claim the firm has repeatedly rebuffed. Since its founding in 2007 Dropbox has raised over $1.1bn in venture capital, with annualised revenues said to be well over $250m.

In January Dropbox’s largest rival Box was the first pure-play cloud storage provider to go public in a move that saw the firm raise $175m. The firm’s initial share price was set at $14, which skyrocketed to $23.23 on the first day of trading before levelling out at just over $20, putting the company’s market cap at close to $2.35bn.