Updated Apr. 18, 2017 at 4:53 p.m.

Red Hat promotes chief accounting officer to CFO, exec VP

Published: 2017-04-18 16:42:00
Updated: 2017-04-18 16:53:35

Tags: Red Hat

Eric Shander, who has been serving as interim chief financial officer at Red Hat, is getting the "interim" label removed. The world's top Open Source Linux developer on Tuesday named him as CFO, a promotion from chief accounting officer. He also is now an executive vice president of the Raleigh-based global software and services firm.

Red Hat disclosed the move after the markets closed.

Shander has worked at Red Hat since 2015. Over a career dating back more than 25 years, he also has worked at IBM and Lenovo.

“Open source has transformed the technology industry and is helping organizations around the world innovate at an incredible pace," Shander said in the announcement.

"As more and more organizations look to open source to modernize their IT infrastructure and applications, Red Hat is squarely positioned as a strategic partner to help enterprises thrive. I am excited to lead the Finance organization to help drive Red Hat’s growth.”

Shander replaces Frank Calderoni who resigned to become CEO of a Silicon Valley startup.

“The opportunity has never been greater for open source technology in the enterprise and for Red Hat, and I am thrilled to have Eric officially take over as Red Hat’s CFO," Red Hat CEO Jim Whitehurst said in a statement.

"I’ve worked very closely with Eric since he has joined Red Hat and have seen firsthand how talented he is. I have confidence that he will be a great CFO for Red Hat and help continue our strong financial position.”

Shander spent a large part of his career with IBM before leaving the company when Lenovo acquired IBM's computer business in 2005.

Noted Red Hat in the announcement:

"At IBM, Shander held several key roles in the company’s finance and operations organizations, including serving as the company’s vice president of Americas IT infrastructure delivery from 2011-2015. Prior to that, he ran IBM’s Finance and Accounting Global Process Services division from 2008-2011. Shander rejoined IBM in 2008 from Lenovo, where he was the company’s vice president and chief accountant. At Lenovo, he led the formation of the global CFO function immediately after the company acquired IBM’s PC business in 2005. Prior to Lenovo, Shander spent nearly 15 years at IBM, where he held a variety of finance and accounting roles."

Red Hat (NYSE: RHT) shares closed at $86.74 Tuesday, and prices were largely unchanged after the CFO announcement.

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