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New Relic Announces Chief Financial Officer Transition
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
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Rhea-AI Summary
New Relic announces the retirement of Mark Sachleben, CFO since 2008, who will remain until a successor is appointed. CEO Bill Staples praised Sachleben's contributions to the company's transformation, including revenue growth and cost-saving measures. Separately, New Relic reported its fourth quarter and fiscal year 2022 results, with an investor call scheduled. The Analyst Day on May 18 will proceed without a long-term business model update due to the CFO transition.
Positive
Mark Sachleben's leadership was instrumental in improving the company's balance sheet.
Successfully accelerated revenue growth and implemented effective cost-saving measures.
Commitment to a thorough search for a new CFO to ensure continuity and support future growth.
Negative
The ongoing transition may cause uncertainty during the search for a new CFO.
No update on long-term business model during the Analyst Day due to CFO transition.
Mark Sachleben to Retire; New Relic Initiates Search for Successor
Company Separately Reports Fourth Quarter Fiscal Year 2022 Financial Results
SAN FRANCISCO--(BUSINESS WIRE)--
New Relic (NYSE: NEWR), the observability company, announced that Mark Sachleben has decided to retire from his role as Chief Financial Officer. While the company engages in a comprehensive search for his successor, Sachleben will remain in his role until his successor is named and the company has completed the successful transition.
“On behalf of the Board and management team, I thank Mark for his leadership, commitment and contributions to New Relic since its founding in 2008,” said New Relic CEO Bill Staples. “His dedication and intimate knowledge of the business has been central to our ongoing business transformation, including strengthening our balance sheet, accelerating revenue growth, and implementing cost savings measures. We wish him all the best in his future endeavors. Looking ahead, we are committed to conducting an efficient but comprehensive search to identify the right financial leader for New Relic’s next phase of growth.”
Sachleben said, “I joined New Relic in 2008 to help build and scale the organization so that millions of developers and engineers could build better software, and faster. After 14 years, I have decided now is the right time for me to retire from New Relic. It has been an honor and a privilege to lead such a dynamic and visionary organization. I am proud to have played a role in helping New Relic grow and deliver on its mission, and I remain committed to ensuring a smooth transition.”
Fourth Quarter and Full Fiscal Year 2022 Financial Results
In a separate press release, New Relic today reported its financial results for the fourth quarter and full fiscal year ended March 31, 2022. In conjunction, the company has posted an investor letter and will conduct a conference call beginning at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the results and respond to questions. The investor letter and conference call can be accessed through the company’s website at http://ir.newrelic.com under the investor relations section.
Analyst Day and FutureStack 2022
New Relic will continue to hold its previously announced Analyst Day on Wednesday, May 18, in conjunction with FutureStack 2022, the company’s annual customer and developer conference; however, in light of the CFO transition underway, the company does not intend to provide an update regarding its long-term business model. For additional details and to register for the in-person Analyst Day event, email AnalystDay@newrelic.com.
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 firstusage-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 Zaloraimprove 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 retirement and transition of Mr. Sachleben and any anticipated effects on the Company’s business, market position and growth, and New Relic’s plan for the Analyst Day and FutureStack 2022. 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-Q, 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.
