Today, we are thrilled to welcome Tim Riitters to lead our finance function as Pure’s Chief Financial Officer. Tim joins us from Google where he has touched many aspects of the business during their meteoric growth over the past decade. He brings a wealth of experience to Pure that will help us to ensure we deliver on our mission to lead the industry transition from mechanical to solid-state storage.
As with all of our hires, Pure took great care in finding the optimal CFO–cultural fit was essential. Tim has the smarts, work ethic, integrity and teaming skills to be a Puritan; he also has the right values. At Pure, we pride ourselves on being missionaries rather than mercenaries, focusing on customer and partner success, knowing that the rewards flow from our uncompromising focus on building the best team and the best products to serve their needs better than our competitors can.
In his most recent role, Tim was responsible for corporate planning and analysis, which helps guide decision making essential to maximizing growth from disciplined investment, such as how to best apportion new hires and capital expenditures across functions. Moreover, he is experienced in scaling financial operations globally, and has spent two years overseas. Finally, he has extensive experience in systems development—rolling out financial, HR, business intelligence and banking systems.
Optimally managing growth is one of the biggest challenges ahead for Pure. Growth is always hard, and Pure is growing fast indeed. We continue to average greater than 50% sequential quarterly growth, growing faster than storage bellwethers like NetApp, Data Domain and Nimble, and even above Cisco and Riverbed in their heydays. Given his experiences at Google, Tim is well versed in helping to manage growth—and at anticipating challenges around the corner so that we can manage from ahead rather than from behind, while relying on the capital we’ve accrued to fund continued hyper growth. Tim is an ideal CFO to help ensure we prudently leverage the nearly $300M we have in the bank to maximize velocity to profitability and beyond, while protecting the business from unanticipated bumps in the road.
Of course hiring a CFO raises the inevitable question: When’s the IPO? An initial public offering and long-term independence remains our plan of record, but we have not yet determined the time line. In the mean time we are already striving to run Pure like a public company, with quarterly reporting to our public market shareholders who include Fidelity, T.Rowe Price, Wellington and Tiger Global. No doubt there is some more work to be done, but we are not in a rush to IPO—frankly, there are advantages to continuing to recruit as a private company.
With our management team now complete, and the whole of the storage industry striving to compete on the playing field we established nearly five years ago, we are bullish about Pure’s future. I am most gratified by the caliber and commitment of the team we have assembled. (The CEO is going to have to work hard to keep up ;-).)
Together with our customers and partners, we are building the next great storage company.