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HomeTrading NewsElastic promotes former McAfee executive Ashutosh Kulkarni to CEO, replacing co-founder Banon

Elastic promotes former McAfee executive Ashutosh Kulkarni to CEO, replacing co-founder Banon

Shay Banon, co-founder and chief executive officer of Elastic N.V., center, rings the opening bell during the company’s initial public offering at the New York Stock Exchange on Oct. 5, 2018.
Michael Nagle | Bloomberg | Getty Images

Search software maker Elastic said Wednesday that Ashutosh Kulkarni, who joined the company as chief product officer last year, will replace co-founder Shay Banon as CEO.

Banon is assuming the role of technology chief at the company, a position he held from 2012 to 2017.

Banon took Elastic public in 2018. The stock has risen about 60% from the $70 closing price on its first day of trading. It fell 15% in December after the company reported a wider-than-expected quarterly loss. Last week it was among the stocks that got caught up in a larger software sell-off, falling 12%.

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