NetApp chief plans to retire
VP and CFO Steve Gomo will hand duties over to Nicholas R Noviello on 31st December
NetApp's executive vice president and chief financial officer Steve Gomo will retire from the company effective 31st December 2011 and Nicholas R Noviello, senior vice president of finance and global controller, will take over as CFO on January 1, 2012, according to NetApp.
"It's been a goal of mine to retire by the time I'm 60, and that milestone is just around the corner. I look forward to spending more time with my family and pursuing a number of personal interests, which always took second priority while working full time. Over the next 4.5 months, my CFO responsibilities will remain the same and I will be working with Nick to ensure a smooth transition as part of our planned succession. Nick has made tremendous contributions to the organisation during his tenure, and I have the utmost confidence in his abilities," said Gomo during the Q1 2011 earnings conference call.
The leadership transition is the result of a planned management succession process, the company said.
"Steve has played a key role in NetApp's success over the past nine years," said Tom Georgens, president and CEO of NetApp. "He personifies NetApp's high-integrity culture and has helped us build a successful business model, a sound financial strategy, and a strong balance sheet. Under Steve's leadership, we have developed an accomplished finance team to continue to execute our strategic plan."
Gomo's successor joined NetApp in 2008 as vice president and corporate controller and was subsequently promoted to senior vice president of finance and global controller.
Before NetApp, Noviello held positions at Honeywell International and PricewaterhouseCoopers (PWC). At Honeywell, he was CFO of two global multibillion-dollar business units, led large international teams, drove business partnerships, ran investor relations, and was a key contributor to strategy and operational performance.
"I am pleased that Nick Noviello will become NetApp's CFO upon Steve's retirement. Nick has demonstrated commitment to NetApp's vision and values and he has been an outstanding leader within the finance organisation," said Georgens.
NetApp has just released flat financial results for Q1 2011.