Nutanix CEO Dheeraj Pandey Is Leaving

Nutanix founder and CEO Dheeraj Pandey is retiring from the company he co-founded 11 years ago and built into a $1.6 billion software powerhouse.

“Co-founding and leading Nutanix for the last 11 years has been the single most rewarding experience of my professional career. Guided by a vision of making IT infrastructure so simple that it becomes invisible, our team has built Nutanix into a leader in cloud software and a pioneer in hybrid cloud infrastructure solutions,“ said Pandey in a statement. ”I am confident there is no better time for me to make this transition to a new leader who can guide Nutanix through its next decade of growth and success.”

Pandey was one of the first innovators in hyperconverged infrastructure, starting his San Jose, Calif.-based company in 2009 -- quickly becoming one of the market leaders and a pioneer in HCI. He grew Nutanix into a $1.6 company that has transformed from HCI into a hybrid cloud software and services star.

Pandey told CRN last year that he came to the U.S. with $900 in his pocket before forming Nutanix.

[Related: Nutanix On AWS: 5 Key Product Features To Know]

“This is a land of opportunity,” Pandey told CRN. “The fact that entrepreneurship is celebrated, failure is celebrated, which is unique in this country. Silicon Valley in particular. It’s okay to fail. You learn from those mistakes and you take them to the next level and I think in the last 10 years we had some failure with our products but we quickly recovered, and I think that’s the genesis of entrepreneurship: taking that $900 and really figuring out staying power.”

A CEO search committee of the Nutanix board of directors is underway to find a replacement. The board will identify and interview candidates with the assistance of a leading global executive search firm.

Pandey plans to retire as CEO upon the section and appointment of a new CEO.

Nutanix board member Ravi Mhatre said in a statement, “Silicon Valley’s history is filled with storied founders and legendary visionaries and Dheeraj Pandey has earned a place among them.”

On Thursday, Nutanix reported fourth quarter earnings of $328 million, up 9 percent year over year.

“With our strong fourth quarter financial results, 29 percent growth in year-over-year run-rate ACV, a delightful software stack, and our recent launch of Nutanix Clusters on AWS bare metal, Nutanix is well positioned for the future,” said Pandey.

Additionally on Thursday, Nutanix announced a $750 million investment from Bain Capital Private Equity.