FireEye Inc (NASDAQ:FEYE), the leader in stopping today’s advanced cyber attacks, today announced that industry veteran Michael Berry has been appointed senior vice president and chief financial officer. Berry, who will report to FireEye CEO and Chairman David DeWalt, is expected to join the company on September 21.
Berry has held a number of senior finance positions in the technology industry, most recently serving as executive vice president and chief financial officer of Informatica Corporation, the world’s leading independent provider of enterprise data integration software and services. Berry oversaw finance, investor relations, information technology and legal for Informatica, which reported revenues of $1.05 billion in 2014.
Berry earlier led finance and other operations for a number of technology companies, including IO, SolarWinds, and i2 Technologies. As chief financial officer for IO, a leading provider of data centers as a service to businesses and governments worldwide, Berry headed finance, planning, accounting, and enterprise IT in a period of high-growth and product expansion for the business. SolarWinds achieved strong revenue growth and reported non-GAAP operating profit of greater than 50 percent for eleven straight quarters during Berry’s tenure as executive vice president and chief financial officer.
FireEye also announced that Deepak Ahuja, Tesla’s first CFO, has joined the FireEye board of directors. Ahuja has overseen finance at Telsa while it emerged as a leader in accelerating the world’s transition to sustainable transport. Prior to joining Tesla, Ahuja had 15 years of global automotive finance experience at Ford, where he held various leadership positions. In 2014, Ahuja was named Bay Area CFO of the Year among large public companies by San Francisco Business Times, and he was named CFO of the Year among small public companies by Silicon Valley Business Journalin 2010.
“Mike has an extraordinary track record of financial management success with high-growth, publicly held companies in strategic segments of the technology industry,” said DeWalt. “This experience and perspective will be invaluable as FireEye moves forward to extend its leadership in advanced threat protection with continued investments in innovation while driving long-term profitability.
“Deepak brings to our board insights he gained as Tesla established its presence as a disruptive force in the automotive world,” said DeWalt. “The addition of Mike and Deepak reflects the steps FireEye is taking to grow its leadership team as we expand our reach and influence in the cyber security market.”
“I am very excited to join FireEye and work with Dave and the rest of the management team to help drive the next phase of the company’s growth,” said Berry. “FireEye has achieved tremendous business momentum while emerging as an innovator in advanced threat detection. I look forward to building on this success to support FireEye in its journey to $1 billion in revenue and beyond.”
Berry will replace Frank Verdecanna, who will conclude his service as interim chief financial officer and continue to serve as FireEye’s vice president of finance.
“I would like to thank Frank for the excellent job he has done as interim chief financial officer over the past month,” said DeWalt. “We expect a seamless transition as Mike steps into the leadership position with our finance team.”
Berry’s appointment as senior vice president and CFO is the most recent in a number of moves that strengthen the FireEye management team.
Last month, David Ramirez joined FireEye as president of global government. Ramirez oversees sales strategy and execution for FireEye’s global government business, the company’s largest vertical market segment. Ramirez, who reports to FireEye Senior Vice President of Worldwide Sales John McGee, directly manages U.S. government sales and partners with FireEye regional sales management in Europe and Asia.
Earlier this summer, Grady Summers was named senior vice president and chief technology officer (CTO). A former chief information security officer (CISO) of General Electric and principal at Ernst & Young, Summers joined FireEye when the company acquired Mandiant in December 2013, and he was responsible for establishing the FireEye cloud analytics operations and Threat Analytics Platform™. The company also announced that Vijaya Kaza, formerly a leader of Cisco’s security business, had joined FireEye and taken on Summers’ previous responsibilities as senior vice president of cloud analytics engineering.
“These management additions come at an important stage in FireEye’s growth,” said DeWalt. “FireEye is well positioned as the threat landscape continues to evolve, with accelerating growth, increasing market share, an expanding portfolio of products, new strategic partnerships, and a strong financial position. We’re committed to strengthening our management team to help continue this momentum and bring our unmatched combination of cyber security technology, intelligence and expertise to more organizations worldwide.” (Original Source)
Shares of FireEye Inc closed last Friday at $36.48. FEYE has a 1-year high of $55.33 and a 1-year low of $24.81. The stock’s 50-day moving average is $42.38 and its 200-day moving average is $44.30.
On the ratings front, FireEye has been the subject of a number of recent research reports. In a report issued on September 3, Piper Jaffray analyst Andrew Nowinski maintained a Buy rating on FEYE, with a price target of $60, which represents a potential upside of 64.5% from where the stock is currently trading. Separately, on August 10, Deutsche Bank’s Karl Keirstead maintained a Hold rating on the stock and has a price target of $44.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Nowinski and Karl Keirstead have a total average return of 5.5% and 3.8% respectively. Nowinski has a success rate of 47.3% and is ranked #944 out of 3747 analysts, while Keirstead has a success rate of 43.6% and is ranked #1114.
The street is mostly Bullish on FEYE stock. Out of 10 analysts who cover the stock, 5 suggest a Buy rating , 4 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $55.17, which implies an upside of 51.2% from current levels.
FireEye Inc provides cybersecurity solution for detecting, preventing and resolving cyber-attacks that evade legacy signature-based security products. Its solutions include traditional and next-generation firewalls, IPS, anti-virus, and gateways.