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Get filing alertsPenguin Solutions CFO Olmstead resigns; Johnson named interim CFO, FY2026 guidance raised
Filed June 1, 2026 · Period ending May 26, 2026 · ~1 min read
Key Changes
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CFO Nate Olmstead resigns effective July 8, 2026, to pursue opportunity in different industry; departure not due to any disagreement on operations, financial reporting, or internal controls.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Aaron Johnson, VP Finance and Accounting since June 2024, appointed interim CFO effective July 9, 2026; brings 16 years public company finance experience from NETGEAR and Power Integrations.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Company reaffirms FY2026 outlook and now expects both net sales and diluted EPS at high end of prior ranges, driven by strong agentic AI customer demand across memory and AI infrastructure businesses.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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Q3 FY2026 earnings scheduled for July 7, 2026, one day before CFO transition takes effect.
Item 7.01 — Regulation FD Disclosure verify on EDGAR →
Summary
Penguin Solutions disclosed a planned CFO transition alongside an upgraded financial outlook. Nate Olmstead is leaving July 8, 2026, to pursue an opportunity outside the industry; the filing explicitly states his departure involves no disagreement with the company on operations, financial reporting, or internal controls.
Aaron Johnson, the current VP of Finance and Accounting with 16 years of public company experience in technology, steps in as interim CFO the next day while the board searches for a permanent successor. The company reaffirmed its full-year fiscal 2026 guidance and raised expectations, now projecting both revenue and EPS at the high end of prior ranges.
Management attributes the stronger outlook to robust demand for agentic AI workloads driving adoption across its memory and AI infrastructure product lines. The timing—Q3 earnings on July 7, one day before the CFO change—suggests management confidence in business momentum and financial controls during the transition. Johnson's background in finance leadership at NETGEAR and Power Integrations provides continuity, though investors will watch for the permanent CFO search and Q3 results to confirm the upgraded trajectory holds through the leadership change.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Penguin Solutions issued a press release on leadership changes (Item 5.02), reaffirmed FY2026 guidance, and set Q3 earnings for July 7, 2026.
Added in current filing · verify on EDGAR →
On June 1, 2026, the Company issued a press release regarding the events described in Item 5.02.
The company issued a press release about leadership changes disclosed under Item 5.02 of this 8-K. The filing does not detail the specific leadership changes in the body text, referring instead to the press release (Exhibit 99.1) and Item 5.02 for details.
Added in current filing · verify on EDGAR →
Additionally, the Company reaffirmed its financial outlook for full-year fiscal 2026, as provided in its earnings release issued on April 1, 2026.
Penguin Solutions reaffirmed its full-year fiscal 2026 financial outlook, which was originally provided in its April 1, 2026 earnings release. This signals management confidence that the leadership transition will not disrupt the company's financial trajectory for the year.
Added in current filing · verify on EDGAR →
The Company intends to report financial results for the third quarter of fiscal 2026 on July 7, 2026.
The company announced it will report third-quarter fiscal 2026 financial results on July 7, 2026. This provides investors with the date to expect the next earnings update.
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On May 31, 2026, the board of directors of the Company appointed Aaron Johnson, the Company’s Vice President, Finance and Accounting, as interim CFO and as the Company’s principal financial and accounting officer, succeeding Mr. Olmstead in these positions effective as of July 9, 2026, on an interim basis until the Company appoints a successor.
Aaron Johnson, currently Vice President of Finance and Accounting, has been appointed interim CFO effective July 9, 2026. He will serve in this role on an interim basis until a permanent successor is appointed. Johnson has been with the company since June 2024.
Added in current filing · verify on EDGAR →
Mr. Johnson, age 47, has served in his current role since joining the Company in June 2024. Prior to joining the Company, Mr. Johnson served at NETGEAR, Inc., a global networking company, as Vice President, Finance from September 2022 to May 2024, and as Senior Director, Assistant Controller from January 2022 to September 2022. Prior to joining NETGEAR, Mr. Johnson served at Power Integrations, Inc., a semiconductor company, from June 2015 to January 2022, most recently as Assistant Corporate Controller from November 2018 to January 2022.
Aaron Johnson brings relevant financial leadership experience from technology companies including NETGEAR (VP Finance) and Power Integrations (Assistant Corporate Controller). He is a certified public accountant and holds an MBA from the University of Louisiana at Lafayette.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
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.
The company's CFO is leaving voluntarily to pursue an opportunity outside the industry. The Vice President of Finance and Accounting will serve as Interim CFO while the company searches for a permanent replacement. The filing explicitly states the departure is not due to any disagreement with the company on operating performance, financial reporting, accounting, internal controls, operations, policies, or practices.
Added in current filing · view on EDGAR →
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 reaffirmed its full-year fiscal 2026 financial outlook and now expects both net sales and diluted EPS to reach the high end of previously issued ranges. Management attributes this performance to strong demand for agentic AI workloads driving customer adoption across its memory and AI infrastructure product lines.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
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.
Aaron Johnson, the incoming Interim CFO, has 16 years of public company experience in technology with expertise in financial leadership and business transformation. This background suggests continuity in financial management during the transition period.
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