Nutanix Expects New CEO To Replace Pandey By January
‘Mr. Pandey’s term as CEO is not expected to extend past January 31, 2021,’ wrote Nutanix in a filing with the U.S. Securities and Exchange Commission.
Nutanix expects to hire a new CEO by no later than January to replace its current leader, Dheeraj Pandey, who is retiring from the company he co-founded 11 years ago.
“The board is actively engaged in the CEO search process and we expect to appoint a new CEO in a timely manner,” wrote Nutanix in an Oct. 26 filing with the U.S. Securities and Exchange Commission. “Mr. Pandey’s term as CEO is not expected to extend past January 31, 2021.”
Pandey intends to resign as CEO once his successor has been identified and appointed, according to the SEC filing.
On Oct. 7, Pandey sold more than 682,000 shares of Nutanix at an average price of $21.83 per share for a total stock sale of $14.9 million.
[Related: Nutanix Bests VMware As Hyperconverged Software Leader]
Pandey in August officially announced his plan to retire during the company’s fourth fiscal earnings report. A t the same time, Nutanix revealed a $750 million investment from Bain Capital Private Equity as well as reporting a successful fourth fiscal quarter with revenue of $328 million, up 9 percent year over year. The CEO said the $750 million investment from Bain Capital will provide new capital along with R&D funding around hybrid cloud infrastructure offerings.
A CEO search committee of the Nutanix board of directors is under way to find a replacement. The board will identify and interview candidates with the assistance of a leading global executive search firm.
In an interview with CRN, Pandey said it’s “very important” for Nutanix to select the right person to lead the company he built into a $1.6 billion hybrid cloud software powerhouse.
“It’s very important to make sure the baton is passed to the right person. We’re going to take the time to find the correct person,” Pandey said. “All in all, I think there’s no better time to leave on a high. It’s been 11 years.”
Pandey, who is 45 years old, didn’t go into specifics on why he is leaving Nutanix other than saying that the COVID-19 global pandemic played a factor in his decision.
“This is an extremely personal thing, where this pandemic did make me think a lot about what really matters,” said Pandey. “When you have this maniacal focus and energy to really bring ideas to life, it takes a toll. It really takes a toll on you, your family and people close by. The pandemic was hard on all of us. ... I figure there’s no better time for a succession plan and really focus on things that really matter. I look forward to spending more time with my kids, my family and my wife. And just having the space and flexibility to read and write.”
Pandey said he is comfortable leaving the company knowing it is in good hands both financially and in terms of employees and leadership.
“All 6,000 of our employees, all 18,000 of our customers and all 10,000-plus of our channel partners, I know they’ll carry the torch forward,” said Pandey.