Splunk Appoints Richard P. Wallace and David Tunnell to Its Board of Directors
October 11 2022 - 5:42PM
Business Wire
Splunk Inc. (NASDAQ: SPLK), the data platform leader for
security and observability, today announced that Richard P. Wallace
and David Tunnell have been appointed to the Splunk Board of
Directors, effective immediately.
“I’m pleased to welcome Rick and David as our newest additions
to the Splunk Board,” said Graham Smith, Chair of the Splunk Board
of Directors. “Rick is a well-regarded technology executive with
over 30 years of experience scaling enterprises for long-term
durable growth, and David brings an important shareholder
perspective, over 25 years of financial expertise as well as a deep
understanding of Splunk’s business model. The Board looks forward
to working closely with Rick and David as we continue to scale
Splunk for the future and drive value for shareholders.”
“Rick and David are highly respected, successful leaders, and
each brings valuable skills and perspectives to the Company at this
pivotal moment,” said Gary Steele, President and Chief Executive
Officer of Splunk. “Our leadership team is focused on executing our
growth strategy and we are excited to benefit from the guidance and
support of a strong, experienced and engaged Board of
Directors.”
“I’ve dedicated my career to building enduring companies that
invent cutting-edge technologies to enable innovation, and I
believe Splunk is well-positioned to capture its very large and
growing addressable market,” said Wallace. “I look forward to
working with Graham, Gary and the rest of the Board to oversee the
Company’s strategy and deliver strong returns.”
“Splunk is one of the foremost industry innovators, and I’m
excited to join the Board at this key juncture,” said Tunnell.
“Hellman & Friedman has had a collaborative relationship with
Splunk, and we’re strongly supportive of the Board and management
team and the work underway to transform the business through
balanced growth and profitability. I’m committed to helping advance
the Company’s strategic priorities to support sustainable value
creation.”
The Company also announced that Stephen G. Newberry, a director
since 2013, will step down from the Board; the Company previously
announced that Sara Baack will also step down.
Smith continued, “We thank Steve and Sara for their dedicated
years of service. They have provided valuable counsel throughout
their tenure to support Splunk's growth and ambitious business
transformation. We wish them the very best.”
Splunk’s Board has undergone significant change to reflect the
dynamic nature of its business and the technology industry. With
the appointments of Messrs. Wallace and Tunnell, and following the
departures of Ms. Baack and Mr. Newberry, the Board will comprise
11 directors, 10 of whom are independent and five of whom have been
appointed within the past 18 months.
The Board of Directors also announced that it has reorganized
the Board’s Talent & Compensation Committee. The Committee now
comprises Graham Smith, who recently joined the Committee in April
2022, Kenneth Hao and Rick Wallace.
About Richard P. Wallace
Wallace serves as President, CEO and Director of KLA
Corporation, a developer of industry-leading equipment and services
that enable innovation throughout the electronics industry. Prior
to being appointed CEO in 2006, he served in various leadership
roles across KLA, including as Chief Operations Officer from July
2005 to December 2005, Executive Vice President of the Customer
Group from May 2004 to July 2005, and Executive Vice President of
the Wafer Inspection Group from July 2000 to May 2004. His tenure
with KLA spans over 30 years, having started as an applications
engineer at KLA Instruments in 1988. Prior to joining KLA, Wallace
held positions at Ultratech Stepper and Cypress Semiconductor. He
previously served on the board of directors of Proofpoint, a
cybersecurity and compliance company, and SEMI (Semiconductor
Equipment and Materials International), a prominent global industry
association. Wallace holds a B.S. from the University of Michigan
and an M.S. from Santa Clara University.
About David Tunnell
Tunnell is a Partner at Hellman & Friedman (H&F) and a
member of the H&F Investment Committee. He leads the Firm’s San
Francisco office and oversees its investing activities in the
Software & Tech and Insurance & Insurance Services sectors.
David joined H&F originally in 1994 and has been involved with
numerous portfolio companies over 25 years of H&F’s investing
history. He is currently serving as a director of the operating
committee at Genesys Telecommunications Laboratories, Inc., a
global customer-experience software platform provider, and as a
director of the board at UKG (Ultimate Kronos Group), a global
provider of human capital management, payroll and workforce
management solutions. Prior to H&F, David was employed by
Lazard Frères & Co. in New York. He holds an A.B. from Harvard
University and an M.B.A from Harvard Business School.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding
Splunk’s growth and transformation strategies and its goals and
long-term prospects, including growth and profitability. There are
a significant number of factors that could cause actual results to
differ materially from statements made in this press release,
including those described in the company’s Quarterly Report on Form
10-Q for the fiscal quarter ended July 31, 2022, which is on file
with the U.S. Securities and Exchange Commission (“SEC”) and
Splunk’s other filings with the SEC. Splunk does not assume any
obligation to update the forward-looking statements provided to
reflect events that occur or circumstances that exist after the
date on which they were made.
About Splunk
Splunk Inc. (NASDAQ: SPLK) helps organizations around the world
turn data into doing. Splunk technology is designed to investigate,
monitor, analyze and act on data at any scale.
Splunk, Splunk>, Data-to-Everything and Turn Data Into Doing
are trademarks and registered trademarks of Splunk Inc. in the
United States and other countries. All other brand names, product
names, or trademarks belong to their respective owners. © 2022
Splunk Inc. All rights reserved.
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Media Contact Mara Mort Splunk Inc. press@splunk.com
Investor Contact Ken Tinsley Splunk Inc.
ir@splunk.com
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