Raymond James Maintains Market Perform Following NetApp's (NTAP) Leadership Changes

Raymond James maintains a Market Perform rating on NetApp (NASDAQ: NTAP) after NTAP announced important leadership changes. Analyst Brian Alexander views the changes as a response to execution issues.

Alexander commented, "After market close today, NetApp announced important leadership changes, including a new CEO and Chairman of the Board. George Kurian has been appointed CEO while lead independent director Mike Nevens has been elected the Chairman of the board. Kurian replaces Tom Georgens, the company’s former CEO and Chairman of the board. We view the change in leadership as a response to recent execution issues, namely lost market share due to lack of investment in sales, marketing and the channel. While management has stepped up the investment pace in response to these issues, it was apparently too little too late."

For an analyst ratings summary and ratings history on NetApp click here. For more ratings news on NetApp click here.

Shares of NetApp closed at $33.16 yesterday.

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