(Former) CEO Doug Merritt left Splunk. According to Merritt, it is time for someone else to lead the company. Chairman of the Board Graham Smith, who has served as Salesforce CFO in the past, will assume the role of CEO for the foreseeable future.
Merritt’s departure comes about five months after Splunk received an 884 million euro ($1 billion) investment from venture capitalist SilverLake. Doug Merritt had been with Splunk since 2014 and was appointed CEO in 2015.
New leadership needed
As a reason for his departure, Merritt states that the time has come for the data platform specialist to expand its business, further noting the requirement of new management for this purpose. In particular, a new CEO who is experienced in expanding operations and leading large companies. Merritt’s departure is the latest development in a number of management changes that have been taking place at Splunk since early 2020.
Until a new CEO is found, Graham Smith will fill the role of interim CEO. Smith’s previous roles included CFO at Salesforce. Following Doug Merritt’s departure, Splunk shares plunged more than 15 percent on the New York Stock Exchange.