FireEye's Corporate Shuffle
Cybersecurity company FireEye Inc (NASDAQ: FEYE) announced on Tuesday that they have named Michael Berry as new chief financial officer. Berry, who had previously served as CFO for Informatica Corp (NASDAQ: INFA), will take over the position at FireEye starting on September 21.
Shares of FireEye traded up more than 3.6 percent early Tuesday morning following the announcement of the new CFO. Although FireEye’s stock is still up more than 19 percent year-to-date, it has been hit hard over the past three months, falling 25.9 percent.
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In addition to the announcement of Berry taking over as CFO, the company also announced today that Deepak Ahuja will be joining the company’s board of directors.
Despite the recent share price weakness, Imperial Capital upgraded FireEye on August 18. Analyst Michael Kim believes that the company is making progress in its initiatives to improve sales productivity and grow margins.
The additions of Berry and Ahuja could be part of the company’s continuing push to streamline its operations. Imperial Capital has an Outperform rating on FireEye and a $55 target on the stock.
The announcement of the new corporate editions could help take focus off of the news that researcher Kristian Erik Hermansen claims that he has discovered four security flaws within FireEye’s core product.
Hermansen noted that he is “pretty sure Mendicant staff coded this and other bugs into the products.” FireEye purchased Mendicant in 2013 for $1 billion in cash and stock.
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