“Most salespeople are working deals to bring to fruition in the fourth quarter, so there’s a momentum in Q4 that probably doesn’t exist in any of the other quarters. “I think (the fourth quarter) generally has a momentum of its own,” Smith said. He noted the company replaced two CEOs at similar times in the past. Smith said the end of the third quarter is typically the best time to make a CEO change. He was CEO for six years and joined Splunk in 2014 as Senior Vice President of Field Operations.īy Splunk chair Graham Smith on abrupt resignation of former CEO Doug Merritt Analysts question timingĪnalysts have questioned the mid-November timing of Merritt’s resignation – and continued to do so Wednesday on the conference call. Merritt has remained with Splunk in an advisory role until a permanent CEO is found. Always better, I think, to make that transition at a time of relative strength.” The company had strung three great quarters together. “It was simply that now was a time of strength. The chair is acting as interim CEO, while the board searches for a replacement for Merritt. “There’s no mystery behind this,” said company chair Graham Smith on Splunk’s fiscal third quarter earnings call. The stock nosedived after the data-to-everything platform provider announced Merritt’s resignation on 15 November and has struggled since then. San Francisco, California-based Splunk was up more than 2% at one point in after-hours trading after closing on Wednesday down 7.69% to $111.70, near the 52-week long of $110.28 set on 2 December 2020. US software company Splunk’s stock price gained slightly in off-market trading overnight after the company’s chair shed light on the sudden mid-November resignation of former chief executive Doug Merritt. Splunk shares rose in after-hours trading as chair Smith shed light on former CEO Doug Merritt's sudden resignation – Photo: Shutterstock
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