SAN JOSE, Calif. - NetApp (NASDAQ: NASDAQ:NTAP), a company specializing in intelligent data infrastructure with a market capitalization of $24.32 billion and impressive gross profit margins of 71.1%, has announced the appointment of Wissam Jabre as its new Executive Vice President and Chief Financial Officer, effective March 10, 2025. Jabre succeeds Mike Berry, who is retiring after five years in the role. According to InvestingPro analysis, NetApp maintains a strong financial health score, reflecting its solid market position.
Jabre's career spans over two decades in finance, including his most recent tenure as Executive Vice President and Chief Financial Officer at Western Digital Corporation (NASDAQ:WDC). His experience also includes senior financial positions at Dialog Semiconductor, Advanced Micro Devices (NASDAQ:AMD), Freescale Semiconductor, and Motorola (NYSE:MSI). He began his career at Schlumberger (NYSE:SLB) in engineering and finance roles. Additionally, Jabre is an MBA graduate from Columbia Business School and holds a B.E. in Electrical Engineering from the American University of Beirut. He joins NetApp as it demonstrates strong shareholder commitment, with 13 consecutive years of dividend payments and active share buyback programs, as revealed by InvestingPro data.
CEO George Kurian expressed confidence in Jabre's capabilities, noting his extensive financial expertise and leadership skills as key assets for NetApp's future growth and value creation. Jabre commented on his new role, emphasizing his commitment to enhancing shareholder value and contributing to the company's profitability and growth.
The leadership transition comes at a time when NetApp continues to focus on its intelligent data infrastructure platform, aiming to capture more market share and build upon its existing momentum. The company prides itself on providing data management solutions, including unified data storage, integrated data services, and CloudOps solutions designed to turn disruption into opportunity for its customers.
This change in financial leadership is based on a press release statement and reflects NetApp's ongoing efforts to strengthen its executive team and maintain its position in the data infrastructure industry. Jabre's appointment is expected to further the company's strategic goals and support its operational management.
In other recent news, Flexera has acquired Spot by NetApp FinOps business from NetApp, aiming to enhance its multi-cloud cost and FinOps services. In the same vein, NetApp has reported a 6% year-over-year increase in revenue, reaching $1.66 billion in Q2 of fiscal year 2025. The company has also raised its full-year revenue outlook to between $6.54 and $6.74 billion, with earnings per share expected to increase by 13% to fall between $7.20 and $7.40.
JPMorgan (NYSE:JPM) has upgraded NetApp's stock from Neutral to Overweight, increasing the price target to $160 due to an anticipated acceleration in revenue growth. In contrast, Citi has maintained a Neutral rating but increased the share price target. TD Cowen has also expressed confidence in NetApp's future, maintaining a Buy rating.
NetApp's partnerships with firms like Google (NASDAQ:GOOGL) Cloud have expanded, and their Keystone storage-as-a-service offering saw approximately 55% growth year-over-year. These are some of the recent developments that highlight the company's positive momentum.
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