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Saturday, May 25, 2024

Steve McMillan Named CEO of Teradata

Teradata Corp., a $1.9 billion database technology company based in Rancho Bernardo, has named Steve McMillan CEO, effective June 8.

Teradata (NYSE: TDC) made the announcement on May 7.

McMillan was previously executive vice president of global services at Seattle-based F5 Networks Inc., a $2.2 billion company that provides multi-cloud application services.

The new CEO succeeds interim CEO Victor Lund, who was named to the position in 2019 with the departure of CEO Oliver Ratzesberger.

‘No Stone Unturned’

“The board left no stone unturned — they conducted a comprehensive search that lasted several months and both internal and external candidates were considered,” Lund said in a blog post. “… I can affirm that Steve stood out as the best person to lead Teradata forward.”

For nearly two decades, McMillan has held senior leadership roles at major companies such as Oracle and IBM.

“An area that aligns perfectly with our ongoing ambitions is Steve’s long history of building cloud-based organizations,” Lund wrote. “He has transformed services and product businesses into industry-leading cloud portfolio offerings. Teradata is committed to the ongoing execution of its strategic transformation and Steve’s knowledge base will apply directly to that work.”

First Quarter Results Announced

In other news, Teradata reported first quarter results on May 7. Net income was $168 million on revenue of $434 million. That compares to a net loss of $10 million on revenue of $468 million in the same quarter of 2019. In the most recently ended quarter, the business had a $14 million loss before taxes.

Teradata benefited from a $182 million income tax benefit, which ultimately gave shareholders a return of $1.51 per diluted share. The company announced previously that it restructured certain of its intellectual property and recognized a discrete tax benefit in the quarter which contributed $1.41 per diluted share to the company’s earnings.

Teradata also said that with the COVID-19 pandemic, it saw potential customers delay deals in March.

For the current quarter, Teradata expects recurring revenue in the range between $348 million and $352 million. It expects a net loss of 9 cents to 6 cents per share.

“Our resilience has been proven as we advance our key strategic initiatives including accelerating our transition to the cloud, driving broader adoption of Vantage, and expanding our go-to-market opportunities,” Lund said in a statement. Vantage is the name of Teradata’s data warehouse and analytics platform that allows companies to leverage all of their data across an enterprise, whether on premises, in public or private clouds, or in a hybrid environment.


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