Penguin Solutions, Inc. (NASDAQ:PENG), the AI Factory Platform Company, today announced that Nate Olmstead, Senior Vice President and Chief Financial Officer, will step down as the CFO of the company on July 8, 2026 to pursue a new opportunity in a different industry. Aaron Johnson, Penguin Solutions' Vice President of Finance and Accounting, will succeed Mr. Olmstead as Interim CFO, effective July 9, 2026.

Mr. Johnson is a seasoned finance and accounting executive with over 16 years of public company experience across the technology sector. He brings a strong track record of financial leadership, strategic execution, and operational discipline, with expertise in business transformation and building scalable organizations that drive sustainable growth.

The company has initiated a search for a permanent CFO with the support of a leading 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 of Penguin Solutions. "His leadership helped strengthen our financial and operational foundation as we advanced our AI Factory Platform strategy. On behalf of the entire Penguin Solutions team, I want to thank Nate for his partnership, leadership, and contributions, and wish him continued success in his next chapter."

Shaikh continued, "Our business momentum remains strong as enterprises accelerate adoption of inference and agentic AI workloads, and demand for memory and AI infrastructure continues to grow. We continue to execute with focus and discipline on our AI Factory Platform strategy, supported by very strong agentic AI-driven customer demand across our Integrated Memory and AI Infrastructure businesses."

"It has been a privilege to be part of Penguin Solutions during such an important stage in the company's evolution," said Olmstead. "I am proud of what we accomplished together as we advanced the company's AI Factory Platform strategy, strengthened the business financially, and positioned Penguin Solutions for long-term growth at the intersection of memory and AI infrastructure. I am grateful to Kash, the Board, and the entire team for their partnership and support."

Mr. Olmstead's departure is not the result of any disagreement with the company on any matter relating to its operating performance, financial reporting, accounting, internal controls, operations, policies, or practices.

Reaffirms Fiscal 2026 Outlook

Penguin Solutions reaffirms its previously issued financial outlook for full-year fiscal 2026, as provided in its earnings release issued on April 1, 2026, and expects both net sales and diluted EPS for full-year fiscal 2026 to be at the high end of its previously issued outlook ranges, supported by very strong agentic AI-driven customer demand across its Integrated Memory and AI Infrastructure businesses.

The company expects to report financial results for the third quarter of fiscal 2026 on July 7, 2026.