SAN FRANCISCO–(BUSINESS WIRE)–Splunk Inc. (NASDAQ: SPLK), the leader in data platforms for security and observability, today announced that Richard P. Wallace and David Tunnell have been appointed to the Board of Directors of Splunk, with immediate effect.
“I am delighted to welcome Rick and David as new members of the Splunk Board of Directors,” said Graham Smith, Chairman of the Board of Splunk. “Rick is a well-regarded technology executive with over 30 years of experience scaling businesses for long-term sustainable growth, and David brings a significant shareholder perspective, over 25 years of expertise as well as a deep understanding of Splunk’s business model. The Board looks forward to working closely with Rick and David as we continue to evolve Splunk for the future and drive shareholder value. .
“Rick and David are highly respected and successful leaders, and each brings valuable skills and perspectives to the company at this pivotal time,” said Gary Steele, President and CEO of Splunk. “Our management team is focused on executing our growth strategy and we are delighted to have the guidance and support of a strong, experienced and committed Board of Directors.”
“I have dedicated my career to building sustainable businesses that invent cutting-edge technologies to enable innovation, and I believe Splunk is well positioned to capture its very large and growing addressable market,” Wallace said. . “I look forward to working with Graham, Gary and the rest of the board to oversee the company’s strategy and drive strong returns.”
“Splunk is one of the industry’s greatest innovators, and I’m thrilled to join the board at this key time,” said Tunnell. “Hellman & Friedman has a collaborative relationship with Splunk, and we strongly support the board and management team and the ongoing work to transform the business through balanced growth and profitability. I am committed to helping advance the company’s strategic priorities to support the creation of sustainable value.
The Company also announced that Stephen G. Newberry, director since 2013, will leave the board; the company previously announced that Sara Baack would also step down.
Smith continued, “We thank Steve and Sara for their years of dedicated service. They have provided valuable guidance throughout their tenure to support Splunk’s growth and ambitious transformation. We wish them the best.
Splunk’s board of directors has undergone significant changes to reflect the dynamic nature of its business and the technology industry. With the appointments of Messrs. Wallace and Tunnell, and following the departures of Ms. Baack and Mr. Newberry, the Board will be composed of 11 directors, 10 of whom are independent and 5 of whom have been appointed during the last 18 months.
The board also announced that it has revamped the board’s talent and compensation committee. The Committee now includes Graham Smith, who recently joined the Committee in April 2022, Kenneth Hao and Rick Wallace.
About Richard P. Wallace
Wallace is President, CEO and Director of KLA Corporation, a developer of advanced equipment and services that enable innovation in the electronics industry. Prior to being named CEO in 2006, he held a variety of leadership positions at KLA, including Chief Operating Officer from July 2005 to December 2005, Executive Vice President of Client Group from May 2004 to July 2005 and Vice -Executive Chairman of Wafer Inspection Group from July 2000 to May 2004. His tenure at KLA spanned more than 30 years, having started as an applications engineer with KLA Instruments in 1988. Prior to joining KLA, Wallace held positions at Ultratech Stepper and Cypress Semiconductor. He previously served on the board of Proofpoint, a cybersecurity and compliance company, and SEMI (Semiconductor Equipment and Materials International), a leading global industry association. Wallace holds a BS from the University of Michigan and an MS from Santa Clara University.
About David Tunnell
Tunnell is a partner at Hellman & Friedman (H&F) and a member of the H&F investment committee. He heads the firm’s San Francisco office and oversees its investment activities in Software & Tech and Insurance & Insurance Services. David originally joined H&F in 1994 and has been involved in numerous portfolio companies over H&F’s 25 years of investing. He is currently a Director of the Operating Committee of Genesys Telecommunications Laboratories, Inc., a global provider of customer experience software platforms, and a Director of the Board of UKG (Ultimate Kronos Group), a global provider of customer experience management. human capital. , payroll and workforce management solutions. Prior to H&F, David was employed by Lazard Frères & Co. in New York. He holds an AB from Harvard University and an MBA from Harvard Business School.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Splunk’s growth and transformation strategies and its long-term goals and prospects, including growth and profitability. There are a number of important factors that could cause actual results to differ materially from the statements made in this press release, including those described in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 2022, which is on file. with the United States Securities and Exchange Commission (“SEC”) and other documents filed by Splunk with the SEC. Splunk undertakes no obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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