Pali Bhat, leading technologist at Reddit and
formerly Google, recruited by company to join Board
Kevin Galligan and Susan D. Arthur appointed to
Board in connection with an agreement with JANA Partners LLC
New Relic (NYSE: NEWR), the observability company, today
announced several updates related to its Board of Directors. As the
result of its ongoing board refreshment process, New Relic has
appointed Pali Bhat to the Board of Directors, effective June 13,
2022.
Mr. Bhat brings to New Relic’s Board more than 15 years of
expertise in leading teams and products across consumer services,
developer platforms, fintech, and cloud. He has served as the Chief
Product Officer of Reddit, Inc since October 2021. Before joining
Reddit, Mr. Bhat held senior leadership roles for more than 10
years at Google, Inc, including most recently as Vice President of
Product and Design at Google Cloud.
“We are pleased to welcome an executive of Pali’s caliber to the
Board,” said Lew Cirne, Executive Chairman and Founder of New
Relic. “The Board has focused on refreshment over the last several
years and today’s announcement furthers this commitment. We believe
the Board and New Relic will greatly benefit from Pali’s deep and
domain-specific product, engineering and business expertise, as we
continue to position our customers at the center of every function
in the company to drive long-term profitable growth and value
creation for all our shareholders.”
Mr. Bhat said, “I am honored to have the opportunity to serve on
the Board to help deliver on New Relic’s mission of helping every
engineer take a data-driven approach at every stage of the software
lifecycle. I look forward to contributing my expertise to further
grow New Relic and transform customer experiences to succeed in
today’s digital environment, and to deliver enhanced value for
shareholders.”
New Relic also announced that it has appointed Kevin Galligan, a
Partner of JANA Partners LLC and Director of Research at JANA
Strategic Investments, and Susan D. Arthur, Chief Executive Officer
of CareerBuilder, LLC, to the Board, effective June 13, 2022.
“We are pleased with the constructive engagement we have had
with JANA, as we do with all shareholders, and welcome Kevin and
Susan to the New Relic Board,” said Hope Cochran, Vice Chair and
Lead Independent Director of New Relic. “We are confident that with
their diversified expertise and relevant experience, Kevin and
Susan will add valuable perspective in the boardroom as we execute
on our strategic plan to accelerate growth and drive shareholder
value.”
Kevin Galligan said, “We appreciate the productive conversations
we have had with the New Relic Board. We are excited about the
company’s future as it continues to leverage its unique and
competitive product to deliver new account, data and user growth,
and we look forward to working closely with the directors and
management team to realize the company’s value potential on behalf
of all New Relic shareholders.”
New Relic CEO Bill Staples said, “I look forward to working with
our Board as we further strengthen our company and continue to
experience broad-based market acceptance of our unique business
model and observability platform. We will continue building on our
momentum by delivering greater value that inspires customers to use
more and more of our observability platform across every stage of
the software lifecycle.”
James (Jim) Tolonen, Dan Scholnick and Adam Messinger will step
down from the Board, effective June 13, 2022.
“On behalf of the entire Board and management team, I would like
to thank Jim, Dan and Adam for their many years of service to New
Relic,” said Cirne. “We are grateful for their valuable insights,
guidance and tireless dedication to advancing our company and
strategy for the benefit of all our stakeholders during their
tenure. We wish them all the best in their future endeavors.”
In connection with the appointment of Kevin Galligan and Susan
Arthur to the Board, the company has also entered into a
cooperation agreement with JANA Partners LLC (“JANA”). Under the
terms of the agreement, JANA has agreed to a customary standstill
and non-disparagement commitments. The cooperation agreement will
be filed by the company with the U.S. Securities and Exchange
Commission (“SEC”) as an exhibit to the Current Report on Form
8-K.
About Pali Bhat
Phalachandra (Pali) Bhat has served as the Chief Product Officer
of Reddit, Inc., an online community of communities, since October
2021. Prior to Reddit, Mr. Bhat worked for Google, Inc. from March
2011 to October 2021, where he was most recently Vice President of
Product Management from May 2017 to October 2021. Earlier in his
career, Mr. Bhat was Vice President at SAP Labs and a consultant
with McKinsey & Co. Mr. Bhat holds a M.S. in Computer Science
from University of Illinois Urbana-Champaign and an M.B.A. from
Duke University.
About Kevin Galligan
Kevin Galligan has 15 years of experience investing in companies
and driving shareholder value. He is a Partner of JANA Partners LLC
and Director of Research of JANA Strategic Investments, a strategic
investment fund specializing in enhancing shareholder value through
active engagement. Mr. Galligan joined JANA Partners LLC in 2011
from Kohlberg Kravis Roberts & Company where he was a Principal
in the North American Private Equity Group. Prior to that, he
worked in the Mergers & Acquisitions Advisory Division of The
Blackstone Group. Mr. Galligan holds a B.A. in Economics from
Columbia University.
About Susan D. Arthur
Ms. Arthur currently has served as Chief Executive Officer of
CareerBuilder, LLC, a marketplace for job seekers and employers,
since 2021. Previously, Ms. Arthur served as Chief Operating
Officer at OptumInsight, the healthcare technology services
division of United Health Group Incorporated (NYSE: UNH). Before
joining OptumInsight, Ms. Arthur served in various corporate
development and operating company roles, including as Group
President of Vertical Industries at NTT Data, a multinational
information technology service and consulting company. Prior to
that, Ms. Arthur served as Vice President and General Manager at
DXC Technology Company (NYSE: DXC), a multinational provider of
information technology services and business consulting. Ms. Arthur
formerly served as a Vice President and General Manager at Hewlett
Packard, and later Hewlett Packard Enterprise Company, leading
their healthcare, life sciences, communications, media and
entertainment sectors, as well as the Canada public sector
business. Ms. Arthur has also serves on the Board and Audit
Committee of Rackspace Technology, Inc. (NASDAQ: RXT), a cloud
computing services company and serves as a member of the board of
directors and Strategic Planning Committee of the Make-A-Wish
Foundation, a nonprofit organization that helps fulfill the wishes
of children with critical illness. Ms. Arthur holds a B.A. in
Economics and Spanish from Gettysburg College.
About New Relic
As a leader in observability, New Relic empowers engineers with
a data-driven approach to planning, building, deploying, and
running great software. New Relic delivers the only unified data
platform that empowers engineers to get all telemetry—metrics,
events, logs, and traces—paired with powerful full stack analysis
tools to help engineers do their best work with data, not opinions.
Delivered through the industry’s first usage-based consumption
pricing that’s intuitive and predictable, New Relic gives engineers
more value for the money by helping improve planning cycle times,
change failure rates, release frequency, and mean time to
resolution. This helps the world’s leading brands including
American Red Cross, Australia Post, Banco Inter, Chegg, Gojek,
Signify Health, TopGolf, World Fuel Services (WFS), and Zalora
improve uptime, reliability, and operational efficiency to deliver
exceptional customer experiences that fuel innovation and growth.
www.newrelic.com.
Forward-Looking Statements
This press release contains “forward-looking” statements, as
that term is defined under the federal securities laws, including
but not limited to statements regarding the appointment of Pali
Bhat, Kevin Galligan and Susan D. Arthur, and the experiences and
value that they will bring to the Board and New Relic. The
achievement or success of the matters covered by such
forward-looking statements are based on New Relic’s current
assumptions, expectations, and beliefs and are subject to
substantial risks, uncertainties, assumptions, and changes in
circumstances that may cause New Relic’s actual results,
performance, or achievements to differ materially from those
expressed or implied in any forward-looking statement. Further
information on factors that could affect New Relic’s financial and
other results and the forward-looking statements in this press
release is included in the filings New Relic makes with the SEC
from time to time, including in New Relic’s most recent Form 10-K,
particularly under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations.” Copies of these documents may be obtained by visiting
New Relic’s Investor Relations website at http://ir.newrelic.com or
the SEC's website at www.sec.gov. New Relic assumes no obligation
and does not intend to update these forward-looking statements,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220606005898/en/
Kerry Baker New Relic, Inc. PR@newrelic.com Peter Goldmacher New
Relic, Inc. 503-336-9280 IR@newrelic.com
New Relic (NYSE:NEWR)
Historical Stock Chart
From Aug 2024 to Sep 2024
New Relic (NYSE:NEWR)
Historical Stock Chart
From Sep 2023 to Sep 2024