NetApp CEO Tom Georgens Resigns

(RTTNews) - Data storage firm NetApp Inc. (NTAP) Monday said Chief Executive Officer and Chairman Tom Georgens has stepped down. The company has appointed George Kurian, executive vice-president of product operations, as the new CEO.

Georgens' resignation comes just couple of weeks after NetApp reported a fourth-quarter profit that fell 31.5 percent, as revenue declined and margins deteriorated. The company had also announced it would lay off 500 employees.

Lead independent director Mike Nevens has been elected chairman of the board.

Although, the company has appointed Kurian as CEO, it plans to conduct a CEO search as well. "These changes are aimed at speeding the company's movement to its next phase of innovation and growth. While we intend to conduct a CEO search, we have the utmost confidence in George's ability to lead the company, given his deep knowledge of NetApp and support from a strong executive team," Nevens said.

Kurian had joined NetApp in 2011 and has served as the company's executive vice president, Product Operations where he was responsible for overseeing the strategy and development of NetApp's Product and Solutions portfolio since September 2013.

NTAP closed Monday's trading at $33.15, down $0.25 or 0.73%, on the Nasdaq. The stock further dropped $0.18 or 0.56% in the after-hours trade.