Libin stepped down as CEO in July 2015 and was replaced by former Google Glass executive Chris O'Neill, but remained Executive Chairman. In October 2015, the Evernote Corp. announced that the company was laying off 18 percent of its workforce and would be closing three out of 10 global offices. In September 2016, Libin stepped down as Executive Chairman to focus on other business ventures. In February 2017, CEO O'Neill stated in a blog post that the business was now cash-flow positive. Sequoia Capital, one of Evernote's equity owners, said, "It's great when a company starts to raise non-dilutive capital every day, which is called revenue."