Penguin Solutions Inc. (NASDAQ: PENG) announced that Chief Financial Officer Nate Olmstead will step down from his position on July 8, 2026, to pursue opportunities in a different industry.

Aaron Johnson, the company's Vice President of Finance and Accounting, will serve as Interim CFO starting July 9, 2026. Johnson brings 16 years of public company experience in the technology sector. The company has begun searching for a permanent CFO with assistance from an executive search firm.

"Nate has played an important role in helping Penguin Solutions navigate a period of significant growth and transformation," said Kash Shaikh, President and CEO. "His leadership helped strengthen our financial and operational foundation as we advanced our AI Factory Platform strategy."

Olmstead's departure is not related to any disagreement with the company regarding operating performance, financial reporting, accounting, internal controls, operations, policies, or practices, according to the announcement.

The Fremont, California-based AI infrastructure company reaffirmed its financial outlook for fiscal 2026, expecting both net sales and diluted earnings per share to reach the high end of previously issued guidance ranges. The company attributes this performance to what it describes as strong customer demand for AI-related infrastructure across its Integrated Memory and AI Infrastructure businesses.

Penguin Solutions plans to report third-quarter fiscal 2026 financial results on July 7, 2026.

The company provides memory and AI infrastructure solutions for enterprises, sovereign AI initiatives, and cloud providers. The information was disclosed in a press release statement.