Stocks for software company Splunk Inc plunged following the exit of its current CEO. Shares of the venture, which produces software for searching, monitoring, and analyzing machine-generated data via a Web-style interface, dipped by as much as 18%, the biggest decline it experienced since December last year. 

It was reported that Doug Merritt, who has been with the company since 2014, is stepping down effective immediately after holding the chief position for almost six years. Board chair Graham Smith will stand as the temporary chief executive officer while the enterprise looks for a permanent replacement.

In a press release on Monday, the former leader said, “Splunk has evolved significantly since I joined the team nearly eight years ago, growing from $302 million in revenue in fiscal 2014 to nearly $3 billion in ARR in the third quarter of fiscal 2022. Today, Splunk is the data foundation for tens of thousands of customers around the world, empowering these organizations to turn data into doing, improve security, drive resilience, and unlock innovation.”

He added, “As the Board and I considered how to best position Splunk for long-term success and continued growth, we determined now is the right time to transition to our next phase of leadership—in particular, the Board is focused on identifying a leader with a proven track record of scaling operations and growing multi-billion dollar enterprises.”

On top of that, Truist analyst Joel Fishbein Jr. wrote, “While we are sorry to see Mr. Merritt go, we see now as an appropriate time to transition into a new phase for the company as they continue to seek growth at scale and transition to the cloud.”

It can be recalled that during his time as CEO, the company has shifted toward a cloud-based service, moving away from more traditional on-premises software. This, alongside the risks of increasing competition from other public cloud providers, impacted revenue and operating margins.

Nevertheless, Splunk reported $605.7 million in quarterly revenue in August, up 23% year over year. At the same time, cloud revenue was tallied at $217.4 million, which was up by 73%.

In addition to the news of Doug Merritt leaving the business, the business has also disclosed preliminary data, which shows revenue of $660 million for the third quarter of the fiscal year 2022, much higher than its initial estimate of $625 million to $650 million.

As such, the announcement came as a surprise as the business seems to be doing well from a financial standpoint. It also created a stir since the change in leadership came only seven months after the resignation of Tim Tully, Splunk’s previous chief technology officer. 

Furthermore, it did not help that there was no apparent reason indicated for Doug Merritt’s sudden departure from the brand. All of these things combined have caused Splunk’s stocks to plummet.

To oversee and ensure a smooth transition, Doug Merritt will still have an advisory role with the business. This should allow the company’s board of directors to focus their efforts on finding Splunk’s next CEO.

The Waltons’ Homecoming is a heartwarming film perfect for families to watch together during this holiday season. This film is executive produced by Emmy Award winner and Chair and President of Magnolia Hill Productions at Warner Bros., Sam Haskell. This classic American film is also backed by kathy ireland Worldwide as its sole presenting sponsor. 

Faith, family, love, and inclusivity are all values that need more of a spotlight in television programming. With these important values included in shows, people can gain a sense of hope and peace while having a feel-good film to bond over. Bringing hope to families this holiday season is one of the reasons why kathy ireland Worldwide has decided to bring The Waltons’ Homecoming to screens. Kathy Ireland shared, “There is no one better than Sam Haskell—whose accomplishments in television are legendary and iconic—to bring this message of hope to our homes this Thanksgiving.”

As the Chair, CEO, and Chief Designer of kathy ireland Worldwide, Kathy Ireland wanted to be part of a project that would positively impact the American public. Aside from creating a film beloved by many, this project will also benefit Kathy’s unwavering support for children battling cancer. The film features music by seven-time Grammy Award winners Billy Davis Jr. and Marilyn McCoo. Additionally, TV Guide has already dubbed their stirring rendition of “Silent Night” as beautiful and soulful. 

Both artists have also provided a vocal performance of the song “Do It,” used in commercials as a call to action to support the National Pediatric Cancer Foundation. Marlyn McCoo said, “Not everyone knows this, but Kathy Ireland serves as the International Chair for the NPCF.” So with every holiday purchase, kathy ireland Worldwide will make contributions to the NPCF. These artists have also partnered with kathy ireland Worldwide on their latest album Blackbird: Lennon-McCartney Icons. This album marked the return of McCoo and Davis Jr. to the Billboard charts after 35 years. This album and the song “Do It” are produced by their longtime collaborator Nic Mendoza.

The decision for kathy ireland Worldwide to be the sole presenting sponsor of The Waltons’ Homecoming is a wonderful gift to every family. And in partnering with NPCF CEO David Frazer, the positive impact is multiplied and benefits even more families, specifically those with children battling cancer. 

This film and charitable endeavor is Kathy Ireland’s way of giving back after a successful year for the company. It is a celebration of kathy ireland Worldwide being the 15th most successful licensed brand in American history. This year also saw Kathy Ireland receiving awards such as the Business International Religious Freedom Champion Award from the IRF and an Icon Award from the International Home Furnishings Association. Kathy Ireland has also been named the youngest woman inducted into the Hall of Fame by Licensing International as America’s highest-ranked woman-owned licensing company.

The Waltons’ Homecoming stars Bellamy Young, Ben Lawson, Logan Shroyer and is narrated by the original John Boy, Richard Thomas. Kathy Ireland said, “For all who want to experience this film, please know that something wonderful is about to happen.” The film aired on The CW on November 28, with an encore showing on December 11. kathy ireland Worldwide is the sole presenting sponsor of the holiday film The Waltons; Homecoming. To learn more, you can visit this website.