Penguin Solutions, Inc. (PENG)

Kash Shaikh has been president and chief executive since February 2, 2026, and joined the board the same day. He succeeded Mark Adams, who told the board on January 30, 2026 that he was retiring and resigned as chief executive and director effective February 1, 2026, with a transition agreement under which he was to consult for nine months. Shaikh came from software companies: he ran Securonix, a cybersecurity software company, from July 2024 to February 2026, and Virtana, which makes software for watching over cloud and AI infrastructure, from November 2020 to February 2024; earlier he led the enterprise infrastructure solutions business at Dell Technologies and held executive posts at Hewlett Packard Enterprise, Cisco, Ruckus Wireless and Nortel. He signed the fiscal 2026 annual report on October 20, 2026 as president, chief executive and director. 1234567

The finance chief changed twice in 2026. Nate Olmstead, chief financial officer since June 2024, resigned effective July 8, 2026 to pursue another opportunity in a different industry; Aaron Johnson, the vice president of finance and accounting, served as interim chief financial officer from July 9, 2026; and on October 6, 2026 the board appointed Stephen Cumming senior vice president and chief financial officer, effective immediately, Johnson returning to his prior role. Cumming was chief financial officer of Edgio, a content delivery and edge computing company, from 2022 to 2025 and before that of Cambium Networks, a networking company, from 2018 to 2022; he signed the fiscal 2026 report on October 20, 2026. The other executive officers the proxy statement of December 2025 names, as of December 8, 2025, mostly predate the new chief executive: Jack Pacheco, executive vice president, chief operating officer and president of Integrated Memory since September 2020; Joseph Clark, president of Optimized LED since September 2022, who joined CreeLED in 1998 as a research engineer; Anne Kuykendall, chief legal officer since September 2023 after joining as general counsel in April 2021; and Tony Frey, chief revenue officer since August 2025, who came from NetApp. On the insider record this site holds, Cumming's first filing came in October 2026 and Pacheco's last in October 2025. 8910111213141516171819

The board has eight seats and an independent chair. Penelope Herscher, a director since September 2021 who also chairs Lumentum Holdings, has chaired it since February 2022 and signed the fiscal 2026 report as chairperson. Two directors tie the board to a supplier and to a shareholder: Mark Papermaster, chief technology officer of Advanced Micro Devices, a director since August 2022, while AMD is among the company's processor suppliers; and Min Yong Ha, head of SK Telecom's AI data center business division, a director since December 2024 as SK Telecom's designee. The others are Sandeep Nayyar, a director since September 2014 and chief financial officer of Altera since October 2025; Maximiliane Straub, who spent over 30 years with the Bosch companies, since April 2019; Mary Puma, a former chief executive of Axcelis Technologies, since July 2023; and David Heard, president of network infrastructure at Nokia, appointed on May 18, 2026 when the board grew to eight members. All seven signed the report with the chief executive on October 20, 2026. 2021222324252627282930

At the end of fiscal 2026 the company counted about 2,800 full-time employees, not counting contractors, down from about 2,900 a year earlier, most of them in the United States, China and Malaysia, and it says it has never had a work stoppage. About 380 of them work in research and development, against 430 a year earlier, at centers in Durham, North Carolina; Fremont, Irvine and Newark, California; Maynard and Tewksbury, Massachusetts; Tempe, Arizona; and abroad in Huizhou, China; Bangalore, India; New Taipei City, Taiwan; and Penang, Malaysia. Research and development spending was 81.7 million dollars in fiscal 2026, 4.7% of net sales, up from 79.8 million, a rise the filing credits to higher bonus pay on the company's performance. The year also carried restructuring charges of 11.2 million dollars for severance and other costs of workforce reductions, the elimination of projects and the Penguin Edge wind-down, and the company says it anticipates more such charges in the quarters ahead. 3132333435363738