VMware Names Karen Dykstra as CFO; Zane Rowe to Depart Company
26 May 2023 - 6:31AM
Business Wire
VMware (NYSE: VMW), a leading innovator in enterprise software,
today announced that Karen Dykstra will take on the role as chief
financial officer and executive vice president in addition to her
current role as a member of the VMware Board of Directors. Current
VMware CFO and EVP Zane Rowe will be leaving the company, effective
June 9, 2023.
“I am thrilled to have Karen take on the role of CFO where we
will benefit from her robust experience as a VMware Board Member
and former CFO as well as her business acumen and leadership
skills,” said Raghu Raghuram, VMware CEO. “On behalf of the Board
of Directors and the VMware team, I’d like to thank Zane for his
numerous accomplishments and leadership since joining VMware in
2016, especially for his efforts in helping to transform the
company to a Subscription and SaaS model to better serve our
customers.”
“Having been a member of the VMware Board since 2016, I am
pleased to now take on the CFO role and work even more closely with
the executive team and company,” commented Karen Dykstra. “VMware’s
focus on helping its customers navigate this multi-cloud era, its
tremendous innovation engine and its unique culture are all reasons
for me to join as CFO and help lead the company.”
Dykstra has substantial financial expertise that includes
extensive knowledge of the complex financial and operational issues
facing large companies, as well as a deep understanding of
accounting principles and financial reporting rules and
regulations. As noted, she is currently a member of the Board of
Directors of VMware, a role she has held since March 2016. Prior to
accepting this role, she was also the Chair of both the Audit
Committee and the Nominating, Governance and Related Persons
Transactions Committee of the VMware Board.
Additionally, Dykstra previously made a transition from service
on a board of directors to CFO while at AOL, Inc., where she served
on the AOL board of directors including as the chair of its Audit
Committee and then as CFO of AOL. Prior to AOL, Dykstra was a
partner of Plainfield Asset Management LLC (“Plainfield”), an asset
management company, and she served as CFO and chief operating
officer of Plainfield Direct LLC, Plainfield’s business development
company. She previously spent over 25 years with Automatic Data
Processing, Inc., most recently serving as CFO.
“VMware continues to help customers navigate this multi-cloud
era; that is job number one. Karen will serve as a strong CFO to
help steer the company financially. Her familiarity with the
company, its culture and how it runs its business, will enable her
to step in quickly and efficiently,” commented Paul Sagan, Lead
Independent Director, VMware Board of Directors.
Definitive Agreement to be Acquired by Broadcom
VMware entered into a definitive agreement to be acquired by
Broadcom Inc. (“Broadcom”) on May 26, 2022. The transaction, which
is expected to be completed in Broadcom's fiscal year 2023, is
subject to the receipt of regulatory approvals and other customary
closing conditions. Please refer to the May 26, 2022 announcement
entitled, “Broadcom to Acquire VMware for Approximately $61 Billion
in Cash and Stock,” available on news.vmware.com.
About VMware
VMware is a leading provider of multi-cloud services for all
apps, enabling digital innovation with enterprise control. As a
trusted foundation to accelerate innovation, VMware software gives
businesses the flexibility and choice they need to build the
future. Headquartered in Palo Alto, California, VMware is committed
to building a better future through the company’s 2030 Agenda. For
more information, please visit www.vmware.com.
Forward-Looking Statements
This press release contains forward-looking statements
including, among other things, statements regarding the timing of
VMware’s CFO transition; expected benefits to customers, partners
and stockholders of VMware’s executive leadership and board of
directors changes, strategy, offerings, and partnerships; and the
proposed acquisition of VMware by Broadcom, related timing of its
consummation and benefits to customers of combined VMware and
Broadcom solutions. Actual results could differ materially from
those projected in the forward-looking statements as a result of
certain risk factors, including but not limited to: (1) the
satisfaction of the conditions precedent to consummation of the
proposed acquisition, and the ability to consummate the proposed
acquisition, on a timely basis or at all; (2) business disruption
following the announcement of the proposed acquisition, including
disruption of current plans and operations; (3) disruptions
resulting from key management changes and difficulties in retaining
and hiring key personnel and employees, including due to the
proposed acquisition; (4) the ability of VMware to transition its
business model and adapt its offerings, business operations and
go-to-market activities to changes in how customers consume
information technology resources, such as through subscription and
SaaS offerings and its subscription and SaaS portfolio; (5) the
continued risk of on-going and new litigation and regulatory
actions, including the outcome of any legal proceedings related to
the proposed acquisition; (6) rapid technological changes in the
virtualization software, cloud, end user, edge security and mobile
computing and telecom industries; (7) the uncertainty of VMware’s
customers’ acceptance of and ability to transition to emerging
technologies and new offerings and computing strategies in the
industries in which VMware competes; and (8) other impacts to
VMware’s business, including those related to industry, market,
economic, political, regulatory and global health conditions. These
forward-looking statements are made as of the date of this press
release, are based on current expectations and are subject to
uncertainties and changes in condition, significance, value and
effect as well as other risks detailed in documents filed with the
Securities and Exchange Commission, including VMware’s most recent
reports on Form 10-K and Form 10-Q and current reports on Form 8- K
that VMware may file from time to time, which could cause actual
results to vary from expectations. VMware assumes no obligation to,
and does not currently intend to, update any such forward-looking
statements after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230525005856/en/
Doreen Ruyak 202-744-9767 druyak@vmware.com
Vmware (NYSE:VMW)
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