Cloud-monitoring software provider New Relic has announced changes to its executive leadership. Although the company expects to bring in anywhere from $586 to $593 million in 2020, correlating to a 22 to 24% year-over-year growth, it is still less than the estimated range of $600 to $607 million that Wall Street expected.
On October 1, board member Michael Christenson will take the reins at New Relic as president and chief operating officer, a newly created position. He will be responsible for corporate functions, including go-to-market, business operations, and corporate development. Previously at Allen & Company, a privately held boutique investment bank, he will now report to Lew Cirne, CEO and founder of New Relic. He will also remain on the New Relic board of directors.
In August 2019, when the sales challenges came to light, Cirne attributed the cause of this decreased growth to execution issues instead of a market slowdown or product issues. Cirne stressed that he has full confidence that Christenson, with his strength in building sustainable businesses and transforming strategy into execution, will lead New Relic in its next phase of growth.
Meanwhile, Chief Technology Officer Jim Gochee and Chief Revenue Officer Erica Schultz have resigned. Their replacements have not yet been named.
The company’s mission is to manage complex systems, improve client-side experiences, and build and run better software. New Relic One’s platform is marketed as the industry’s largest and most comprehensive cloud-based observability platform to help customers and businesses create more powerful software. With the company’s increased focus on growth, Cirne also promised to announce new innovations coming down the pipeline at its FutureStack 19 conferences, which are being held in New York City, Tokyo, London, Sydney, and Melbourne.
New Relic, headquartered in San Francisco, has offices and sales teams all over the world, including New Zealand, Switzerland, Japan, and France. In business since 2008, the company has grown its offerings into a full platform, delivering strong full-stack visibility to businesses in the financial, technological, media, and sporting goods sectors. From Fortune 500 enterprises to small businesses worldwide, over 15,000 customers depend on New Relic to solve their most difficult technological challenges. Some of their clients include H&R Block, Hearst, REI, and Pantheon.