Dynatrace, the leading AI-powered observability platform, today announced the appointments of George Riedel and Dan Streetman to its Board of Directors, effective immediately. These appointments follow constructive and collaborative engagement with Starboard Value LP. Dynatrace also announced its plans to hold an Investor Day following its announcement of Q2 fiscal 2027 financial results to outline its path to the "Rule of 50" in fiscal 2029.
Dynatrace appoints George Riedel and Dan Streetman to Board.
Appointments follow constructive engagement with Starboard Value LP.
George Riedel: former CEO of Cloudmark, CSO at Nortel, McKinsey partner.
Dan Streetman: current CEO of Tanium, former CEO of TIBCO Software.
Investor Day planned to outline path to "Rule of 50" in fiscal 2029.
Company reiterates $1B share repurchase authorization.
Jill Ward, Chair of Dynatrace's Board of Directors, stated: "George and Dan are experienced leaders whose valuable financial, operational, and business strategy expertise in technology broadly, and software and AI specifically, will serve as great resources for our management team in advancing our strategy to create value for shareholders. We appreciate our engagement with Starboard and look forward to executing on our shared vision for Dynatrace's future."
Rick McConnell, Chief Executive Officer of Dynatrace and a member of the Board of Directors, added: "This is an exciting and dynamic time for Dynatrace as we continue to capitalize on an AI-first world and the additions of George and Dan to our Board will further our commitment to this priority."
George Riedel brings many decades of experience leading business strategy at technology and software companies, including as CEO and Chairman at Cloudmark, and Chief Strategy Officer and BU President at Nortel Networks. He also served as Senior Partner at McKinsey & Co. He currently serves as Chairman of Juvare, Bridgeway Benefits Technologies, and Kasti.AI.
Dan Streetman currently serves as Chief Executive Officer and board member at Tanium, a leader in autonomous IT. He brings decades of experience leading global customer operations, sales, marketing, product development and professional services. Prior to Tanium, Mr. Streetman served as CEO of TIBCO Software and oversaw data-driven transformations at BMC, Salesforce, and C3.ai.
Peter Feld, Managing Member, Portfolio Manager, and Head of Research of Starboard, said: "We invested in Dynatrace because we believe the company will be a beneficiary of enterprise AI adoption and has a tremendous opportunity to create significant shareholder value through top-line growth, margin expansion, and capital return. We appreciate the constructive engagement we have had with Dynatrace's Board and management team and look forward to building on this productive dialogue as the company seeks to capitalize on these opportunities."
McConnell continued: "We are continuing to execute our strategic plan to deliver balanced growth and profitability. We are also focused on refining our equity investor communications, including through our upcoming Investor Day, as we execute to achieve Dynatrace's operational and financial objectives." The company reiterated its intention to continue returning significant capital to shareholders under its $1 billion share repurchase authorization and plans to communicate a capital return framework at the Investor Day.
About Dynatrace
Dynatrace is advancing observability for today's digital businesses, helping to transform the complexity of modern digital ecosystems into powerful business assets. By leveraging AI-powered insights, Dynatrace enables organizations to analyze, automate, and innovate faster to drive their business forward.
About Starboard Value LP
Starboard Value LP is an investment adviser with a focused and differentiated fundamental approach to investing in publicly traded companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
