- Push-out Score determined
- After about five years in the position
- Praise and thanks for Banon
- Ash Kulkarni taking over
- Banon will remain as Chief Technology Officer at Elastic
- Banon said 93 words
(exechange) — Mountain View, California, January 12, 2022 — Shay Banon, chief executive of Elastic, leaves his position. As announced by Elastic NV in a news release and in a regulatory filing published on Wednesday, January 12, 2022, Shay Banon has left his post as chief executive officer at the search software maker, after about five years in the role, effective January 11, 2022.
Shay Banon’s duties as CEO will be taken over by Ashutosh (Ash) Kulkarni, most recently chief product officer at Elastic NV.
Elastic will start a search for a chief product officer to take over Kulkarni’s prior day-to-day responsibilities.
Shay Banon’s move coincides with a management shake-up also involving the position of president, worldwide field operations.
“Realize its full potential”
Elastic did not give an explicit reason for Shay Banon’s departure from the CEO post. Banon said: “Elastic is my life’s work, and in my role as CTO, I’ll be laser-focused on innovation and product, and people and culture—where my greatest passions lie, while Ash leads Elastic to realize its full potential. Our continued partnership will bring our employees, customers, and community the best of both worlds.”
Banon will remain as CTO at Elastic
“Kulkarni will succeed Founder and CEO Shay Banon, who reassumes the role of Chief Technology Officer, and will continue to serve on the Board of Directors,” Elastic said.
“Transition”
Elastic said: “On January 9, 2022, Shay Banon provided Elastic N.V. (the “Company” or “Elastic”) with notice of his intent to transition from his position as Chairman and Chief Executive Officer (“CEO”) of the Company, to Chief Technology Officer (“CTO”) of the Company, effective as of January 11, 2022. Mr. Banon will continue to serve on the Company’s Board of Directors (the “Board”) and Chetan Puttagunta, currently Lead Independent Director, has been appointed Chairman of the Board.”
“Not the result of any material disagreement”
“Mr. Banon’s transition from CEO to CTO is not the result of any material disagreement with the Company relating to the Company’s operations, policies or practices,” Elastic said.
Share price decline since January 2021
The announcement follows a decline in Elastic NV’s share price of 19% since January 2021.
In the position of CEO since 2017
Shay Banon became CEO of the Company in 2017.
Banon, who served as CTO prior to being named CEO five years ago, stepped down from his role as Chairman of the Board.
Chetan Puttagunta, currently Lead Independent Director, has been appointed Chairman.
Shay Banon co-founded the Company and has served as a member of the Company’s board of directors since July 2012, as the Company’s CEO since May 2017, and as the Company’s Chairman and CEO since June 2018.
He previously served as the Company’s Chief Technology Officer from July 2012 to April 2017.
Banon holds a B.Sc. in Computer Science from Technion, Israel Institute of Technology.
Banon is the creator of the Company’s Elasticsearch product.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Shay Banon’s move on a scale of 0 to 10.
exechange reached out to Elastic and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2022 ($).