NetApp Finance Chief Departs for Blue Coat Systems
January 06 2016 - 6:19PM
Dow Jones News
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)
Copyright (c) 2016 Dow Jones & Company, Inc.
NetApp (NASDAQ:NTAP)
Historical Stock Chart
From Aug 2024 to Sep 2024
NetApp (NASDAQ:NTAP)
Historical Stock Chart
From Sep 2023 to Sep 2024