Another fat cat leaving abandoning the ship.
https://www.bizjournals.com/triangle/news/2021/01/13/red-hat-announces-retirement-of-a-top-exec.html
Nearly two years after IBM’s $34 billion buy of Raleigh-based Red Hat made him a multimillionaire, a longtime local executive has announced his retirement.
Arun Oberoi, executive vice president of global sales and services, is retiring after nine years with Red Hat. Larry Stack, senior vice president of commercial sales for Red Hat in North America, will transition into the global sales leadership position in April.
Oberoi, whose retirement will start in the third quarter, “will work with Larry to ensure a smooth transition,” according to a spokeswoman.
Neither Oberoi or Stack could be immediately reached to comment.
Oberoi joined Red Hat in 2012, shortly after the firm reached a major industry milestone, having become the first open source software company to achieve more than $1 billion in annual revenue. By the time IBM (NYSE: IBM) bought Red Hat in 2019, Red Hat’s revenue had more than tripled.
Securities filings show Oberoi was one of the execs who benefited most from the IBM deal. In July of 2019, for example, he snagged $26.8 million in a stock sale connected with the deal. While many executives reported stock sales at the time, his was the third highest after then-CEO Jim Whitehurst’s $50.4 million and current CEO Paul Cormier’s $39 million.
In a press release announcing Oberoi’s retirement, Red Hat gives him credit for helping to transform "the company’s go-to-market approach as its open hybrid cloud portfolio continued to expand.”
The announcement credits Oberoi with helping the company launch several initiatives, such as Red Hat Open Innovation Labs and the Red Hat Global Transformation Office.
Stack joined Red Hat in 2018 after working at firms such as DXC Technology, Accenture, HP and Fujitsu. At DXC, for example, he was chief revenue and sales officer following the merger between CSC and the enterprise services division of Hewlett-Packard Enterprise.
He began his career at Red Hat as the first leader for global accounts and targeted industries. In his most recent role, Stack has “consistently grown Red Hat’s commercial presence in North America at impressive rates quarter over quarter,” according to the company.
Stack’s successor as head of commercial sales in North America has not yet been named.
Red Hat has not publicly released salary information since being tucked into the IBM organization. But in 2019, Oberoi inked a base salary of $575,000, not including bonuses and stock options. He was in line for $5.1 million in “total target compensation opportunities” at the time, according to a proxy statement filed with the SEC.