RTTNews | Nov 15, 2021 09:09AM EST

09:08 Monday, November 15, 2021 (RTTNews.com) - Splunk Inc. (SPLK), a data platform company, said on Monday that its Chief Executive Officer and President, Doug Merritt, is stepping down, and Graham Smith, Chair of the Board, has been appointed as interim CEO with immediate effect. In addition, based on its preliminary data, the company expects a revenue growth for the third quarter of current fiscal.

Merritt is expected to remain with the company in an advisory role to ensure a smooth transition as the Board begins its search for Splunk's next CEO.

As interim CEO, Smith is expected to focus on investments and priorities for the company's upcoming fiscal year to ensure continued customer and cloud transformation success. Also, Smith will retain his Chair responsibilities, while the Board conducts its search.

Smith has served as a member of Splunk's Board since 2011 and as Chair since 2019. He has also served in a number of executive positions at Salesforce, including as Chief Financial Officer from 2007 to 2014.

Meanwhile, based on its preliminary unaudited financial information, the San Francisco-headquartered firm expects to report a revenue of approximately $660 million for the third quarter ended on October 31, representing a 19 percent growth, compared to the same period of previous fiscal.

For the three-month period to October, it also expects to post an ARR at about $2.825 billion, representing a year over year growth 37 percent.

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