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Investing.com -- Shares in NetApp Inc (O:NTAP) fell slightly on Wednesday after the California-based storage and data management solutions company announced that chief financial officer Nick Noviello is leaving his position to pursue another opportunity.
Noviello, 46, served as the company's chief financial official and Executive Vice President of Finance Operations for four years since January 1, 2012. Noviello will be replaced on an interim basis by Jeffrey Bergmann, NetApp's vice president of corporate finance, the company said in a statement.
“On behalf of the NetApp Board and management team, I want to thank Nick for his financial leadership and substantial contributions over the past eight years, overseeing several of its most important functions," NetApp CEO George Kurian said in a statement. "We wish him well as he pursues the next chapter in his career. NetApp has a rigorous succession planning process, and a deep bench of leaders, and we are pleased that Jeff has agreed to serve as interim CFO. As part of the leadership team for the last six years, Jeff has a solid understanding of NetApp’s business and my full confidence.”
NetApp also announced several other organizational changes on Wednesday aimed at streamlining its corporate structure and drive efficiency and velocity within its business. Accordingly, the company announced that Cynthia Stoddard, NetApp’s Chief Information Officer and Kris Newton, VP of Investor Relations will now report directly to Kurian, while Bill Berg, NetApp’s SVP of Operations will report to executive vice president Joel Reich.
“NetApp has a deep bench of talented leaders and I am excited to welcome Cynthia and Kris to my staff. Combining Bill’s manufacturing operations team with Joel’s product operations team reflects synergies and connections and will help us drive greater efficiencies this fiscal year,” Kurian added.
“As we said in our last earnings call, we continue to assess every aspect of our business and are committed to taking decisive action to reduce complexity and drive efficiency. We believe today’s announcement will optimize our organizational structure around our priorities as we continue to pivot towards the growth areas of the market.
In addition, NetApp reaffirmed its third quarter revenue outlook of $1.4 to $1.5 billion and its GAAP earnings per share of 0.47 to 0.52 on Wednesday.
Shares in NetApp closed at 24.69, down 0.53 or 2.10% on the session.