NTAP NetApp Inc

By Tess Stynes 

NetApp Inc. Chief Financial Officer Nick Noviello is leaving the data-storage company to become CFO of privately held Blue Coat Systems Inc.

Blue Coat in a news release Wednesday welcomed Mr. Noviello to his new role with the Sunnyvale, Calif., security and networking company.

NetApp in a separate release named finance executive Jeffrey Bergmann to succeed Mr. Noviello on an interim basis.

NetApp, also of Sunnyvale, said it had begun a search for a permanent finance chief and will consider internal and external candidates.

NetApp said Mr. Bergmann's experience include six years in finance leadership roles at the company.

Mr. Noviello was named NetApp's finance chief four years ago, initially responsible for the company's finance, customer leasing, workplace resources and investor relations functions. His role was expanded in July 2013 to include the information-technology group and expanded again to April of 2014 to add oversight of the company's manufacturing operations.

NetApp also affirmed its guidance for the January quarter.

Among other changes disclosed Wednesday, NetApp said Chief Information Officer Cynthia Stoddard and Investor Relations executive Kris Newton will report directly to Chief Executive George Kurian.

Mr. Kurian was promoted to CEO in June, succeeding Tom Georgens, who resigned less than two weeks after NetApp said it would lay off 500 workers and issued a disappointing financial forecast.

During November, NetApp reported a decline in earnings for the quarter ended in Oct. 30, though its adjusted per-share profit beat expectations. At the time, Mr. Kurian said the company was making progress in its effort to focus on faster-growing areas of the data-storage market.

NetApp's woes earlier this year had stemmed in part from customers shifting to cloud-based storage for some operations, instead of buying and operating their own hardware. In addition, many of NetApp's largest customers had balked at a new product from the company until certain features were added.

Blue Coat was acquired by private-equity firm Bain Capital in March 2015 for $2.4 billion.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

January 06, 2016 18:04 ET (23:04 GMT)

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