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Red Hat Promotes VP Kevin Thompson to CFO

Nov 09, 2000, 16:16 (0 Talkback[s])
(Other stories by Bob Liu)

By Bob Liu, InternetNews.com

Red Hat Inc. on Thursday promoted its vice president of operations, Kevin Thompson, to the position of Chief Financial Officer.

The announcement comes on the same day that Red Hat will hold its first-ever analyst's day where the company is expected to outline its business strategy to achieve 80% revenue growth and profitability by its mid-2001 target.

Also at today's analyst meeting, the company is expected to detail and demonstrate its Red Hat Network platform, which is becoming the cornerstone of Red Hat's value-added Web-based services offering to manage network infrastructure. Red Hat recently unveiled Red Hat Network, an Internet-based service for deploying and managing open source platforms through its redhat.com portal. Red Hat Network offers services such as customizable update management, security evaluation and notification, and technical support to individuals, enterprise customers and Internet appliance developers.

Thompson, who joined Red Hat last month, is a former partner at PricewaterhouseCoopers LLP, where he has more than 13 years of experience managing operations, financial transactions such as debt and equity offerings, and mergers and acquisitions.

"In just a short time it was compellingly clear that Kevin had the skills, experience and enthusiasm to assume the operational helm as CFO," said Matthew Szulik, president and CEO of Red Hat. "Kevin brings tremendous experience with global finance to Red Hat's executive team and is an enormous asset to our rapidly growing company."

Thompson formerly served as a partner in the Global Technology Industry Group of PricewaterhouseCoopers LLP, where he directed stock offerings and oversaw mergers and acquisitions at public and private technology companies. Prior to his position at PricewaterhouseCoopers, Thompson served as a senior manager for Arthur Andersen LLP for 10 years, overseeing public offerings and directing projects for multi-national companies in North America, Latin American and Southeast Asia. Thompson is a Certified Public Accountant and holds a bachelor of science degree in business administration with highest honors from the University of Oklahoma.

"In the time I have been involved with Red Hat, I have become convinced of Red Hat's ability to revolutionize the software industry," said Thompson. "As Red Hat's CFO, I am confident that Red Hat is on track to meet the goals we've communicated to the public markets--improved gross margins, continued 100 percent revenue growth and profitability by the end of calendar year 2001."

Separately, Red Hat announced that it has joined forces with Clover Technologies Pvt. Limited to open Red Hat India Pvt. Limited. This joint venture will deliver Red Hat software, support and services to customers in India.

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