PALO ALTO – Enterprise cloud company Cloudera, Inc. announced that CEO Tom Reilly will retire, effective July 31, 2019.
Shares in the company plunged more than 43% this week following the news and weaker than expected first quarter results.
Martin Cole, Chairman of the Board of Cloudera, has been named interim Chief Executive Officer when Reilly leaves.
Cole has served as a director on the Cloudera Board of Directors since 2014 and as Chairman of the Board since 2018. Prior to retiring from Accenture in 2014, Cole served as the Chief Executive of the Technology Group, where he was responsible for the full range of Accenture’s technology consulting services, outsourcing solutions and delivery capabilities around the world. In this role, he led technology innovation, including Accenture Technology Labs, Accenture Software and development of emerging technology solutions, including those for the cloud.
“Tom has been an integral part of Cloudera and has led the Company with vision and integrity throughout his tenure,” said Mr. Cole. “We thank Tom for his contributions over the last six years, including leading Cloudera through its substantial fundraising, strategic relationships and acquisitions, as well as its IPO and merger with Hortonworks. Tom and the Board have always been committed to continually evaluating Cloudera’s progress and ensuring that we are executing to drive long-term value. Accordingly, we have mutually agreed with Tom that this is the right time for a leadership transition.”
“I am very proud of everything that we have accomplished at Cloudera over the past six years, as we have transformed into a leading enterprise data cloud provider,” said Mr. Reilly. “While there is much work still to be done, I have determined that now is the right time for me to retire and transition leadership of the company as it enters the next chapter of growth. I have every confidence that Cloudera will continue to thrive in the years to come.”
Cloudera closed a merger with Hortonworks in January.