BlackLine Inc. Chief Operating Officer Marc Huffman has been promoted by the board of directors to the position of president effective immediately, the company announced Tuesday.

Huffman will now oversee the product and technology functions of the Woodland Hills accounting software developer, in addition to its sales and marketing teams.

Huffman was also nominated for election to the board at its 2020 annual meeting.

BlackLine finds itself in an enviable position because it is beloved by its customers and has a corresponding high customer retention rate, Huffman said. He believes the market potential for the company has barely been tapped.

“I’m looking forward to further accelerating the momentum as we continue to guide our customers to successful outcomes and connect them to a large global community of accounting and finance expertise,” Huffman added in a statement.

Prior to joining BlackLine, Huffman served as president of worldwide sales and distribution at NetSuite.

Therese Tucker, founder and chief executive of BlackLine, said that Huffman has a strong track record in software-as-a-service accounting software and understands the nuances of taking cloud software into global markets.

“I’m confident that his operational focus will allow us to continue to scale the business, expand our ecosystem of alliances worldwide and drive long-term growth,” Tucker said in a statement.

Shares of BlackLine (BL) closed down $1.22, or 1.9 percent, to $63.49 on the Nasdaq.