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    NTAP   US64110D1046

NETAPP, INC.

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NetApp Continues Expansion of Leadership Team with Appointment of Elizabeth O'Callahan to Chief Legal Officer and General Counsel

01/06/2022 | 12:31pm EDT

NetApp® (NASDAQ: NTAP), a global, cloud-led, data-centric software company, today announced the appointment of Elizabeth O’Callahan to Chief Legal Officer (CLO) and General Counsel. O’Callahan previously served as Senior Vice President and General Counsel. This appointment comes as NetApp continues its transformation to the cloud with an increased focus on its growth strategy.

O’Callahan previously reported to Matt Fawcett in his role as Chief Strategy and Legal Officer. Given the company’s strong growth trajectory, NetApp is decoupling its strategy and legal teams, enabling Fawcett to have a dedicated focus on accelerating the next phase of NetApp’s evolution as Chief Strategy Officer. Both O’Callahan and Fawcett will report to George Kurian, NetApp’s Chief Executive Officer.

“I’m laser focused on accelerating NetApp’s strategy to extend our market leadership as we continue transforming our business in today’s digital economy, building on the success we’ve already achieved,” said Matthew Fawcett, Chief Strategy Officer at NetApp. “When Beth joined the team eight years ago, I envisioned her as my successor. I’m excited and proud to see that become reality.”

NetApp’s growth is reflected in the company’s Q2 FY22 results which, led by its Public Cloud business, exceeded expectations for the sixth consecutive quarter. This was amplified by strong growth in Azure NetApp Files, Spot and Cloud Insights, as well as increased demand for NetApp’s Hybrid Cloud.

“NetApp stands at a critical juncture as organizations everywhere accelerate their digital transformation and adopt hybrid business, hybrid cloud and hybrid work strategies,” said George Kurian, Chief Executive Officer at NetApp. “Recognizing we have many opportunities before us to grow and win in the marketplace, I’m proud to have two strong leaders in Matt Fawcett leading strategy and corporate development, and Beth O’Callahan taking on an expanded role as Chief Legal Officer reporting to me. I look forward to further contributions that Beth will make in her new role.”

O’Callahan’s appointment follows the announcement of Harv Bhela’s move from Microsoft to a newly created Chief Product Officer role at NetApp. NetApp’s expanding Executive Leadership Team will further accelerate the company’s innovation and pivot of its storage business to the cloud as it maintains leadership in flash and object storage.

“I’m looking forward to expanding my leadership role at NetApp during a time of such explosive growth,” said Elizabeth O’Callahan, Chief Legal Officer and General Counsel at NetApp. “As NetApp continues to expand its business, the dynamic regulatory and market conditions we must address underscore the criticality of our legal department to NetApp’s success.”

“Safe Harbor” statement under U.S. Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the Company’s transformation to the cloud, growth strategy, and expansion of its business and market leadership. Actual results may differ materially from these statements for a variety of reasons, including, without limitation, customer demand for and acceptance of our products and services, our ability to successfully execute on our data fabric strategy to generate profitable growth and stockholder return, our ability to successfully execute new business models, general global political, macroeconomic and market conditions, changes in U.S. government spending, revenue seasonality, our ability to manage our gross profit margins, the impact of the COVID-19 pandemic on our business operations, including supply chain disruptions, our financial performance and results of operations, and our ability to expand our total available market and grow our portfolio of products. These and other equally important factors are described in reports and documents we file from time to time with the Securities and Exchange Commission, including the factors described under the section titled “Risk Factors” in our most recently submitted quarterly report on Form 10-Q and annual report on Form 10-K. We disclaim any obligation to update information contained in this press release whether as a result of new information, future events, or otherwise.

About NetApp

NetApp is a global cloud-led, data-centric software company that empowers organizations to lead with data in the age of accelerated digital transformation. The company provides systems, software and cloud services that enable them to run their applications optimally from data center to cloud, whether they are developing in the cloud, moving to the cloud, or creating their own cloudlike experiences on premises. With solutions that perform across diverse environments, NetApp helps organizations build their own data fabric and securely deliver the right data, services, and applications to the right people—anytime, anywhere. Learn more at www.netapp.com or follow us on Twitter, LinkedIn, Facebook, and Instagram.

NETAPP, the NETAPP logo, and the marks listed at www.netapp.com/TM are trademarks of NetApp, Inc.


© Business Wire 2022
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Financials (USD)
Sales 2022 6 320 M - -
Net income 2022 902 M - -
Net cash 2022 1 883 M - -
P/E ratio 2022 16,9x
Yield 2022 3,00%
Capitalization 14 830 M 14 830 M -
EV / Sales 2022 2,05x
EV / Sales 2023 1,86x
Nbr of Employees 11 000
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 66,64 $
Average target price 94,55 $
Spread / Average Target 41,9%
EPS Revisions
Managers and Directors
George Kurian Chief Executive Officer & Director
César Cernuda Rego President
Michael J. Berry Chief Financial Officer & Executive Vice President
Thomas Michael Nevens Independent Chairman
William H. Miller Chief Information Officer & SVP
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