Elastic (NYSE: ESTC) made an announcement today, according to which Ashutosh (Ash) Kulkarni was promoted to the role of CEO and nominated to the Board of Directors. Kulkarni, who joined the company in January 2021 as a chief product officer, will succeed Shay Banon, the Founder and CEO. The company’s shares were trading more than 4% lower after-hours following this announcement.

Prior to joining the company, Kulkarni held senior product leadership and management roles at McAfee, Akamai, Informatica, and Sun Microsystems.

Banon will reassume the role of Chief Technology Officer and will continue to serve on the Board of Directors.