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Jay Parikh, Lacework’s second-in-command and formerly Facebook’s vice president of engineering, said the change will take effect immediately. In the change, Parikh is the sole CEO of the privately held company, a prominent up-and-coming player in cloud security that earned a valuation of $8.3 billion last year.
Lacework planned to announce the change to employees on Tuesday. Hatfield, who previously served as president of Pure Storage, is a few months into his second year with the company as executive director of Lacework.
As co-CEO Model, Hatfield, nicknamed “Hat,” focused on the business operations and expansion of Lacework, which received $1.85 billion in funding. Hatfield joined Lacework as CEO and Chairman in early 2021. He could not immediately be reached Tuesday.
Parikh joined as co-CEO in mid-2021, and focuses on product and engineering for the company. The two have known each other for nearly two decades, having previously worked at Akamai Technologies at the same time.
In an interview with Protocol, Parikh described the move as planned and peaceful, prompted by conversations between “Hat, myself and the board” that concluded the co-working model no longer suited the company. Lacework’s executive leadership and board are “looking at where the business is and what it needs to take it to the next level” and have decided that “unifying the company” with one CEO makes more sense at this time, Parikh said.
The move should “help ensure that it’s all aligned” to Lacework’s product and sales strategy and its relationship with customers, partners and large public cloud platforms. [around] A set of focus issues,
Pareek said he doesn’t believe Hatfield has “any immediate plans to jump into anything full-time anytime soon.” Parikh told Protocol.
Lacework CEO Jay Parikh
Image: Lacework
In the year Founded in 2014, Lacework provides “data-driven” services that aim to stand out in the fast-growing cloud security market by collecting and analyzing data from customer cloud environments. The goal is to provide customers with critical security insights, such as which threats to prioritize for action, the company said.
The company raised a $525 million funding round in January 2021, followed by an additional $1.3 billion in funding in November 2021, bringing it to a valuation of $8.3 billion. Lacework described that round as “the largest funding round in the history of the security industry,” and the company is ranked No. 3 among the largest privately held security companies, according to CB Insights.
Lacework is notable for being the third company to spin out of Sutter Hill Ventures following the model used to launch Pure Storage and Snowflake. The Lacework platform supports AWS, Google Cloud and Microsoft Azure as well as Kubernetes environments.
In May, Lacework announced it was laying off 20% of its workforce, in response to what its affiliates later described as a “seismic shift” in the “public and private markets.” The company previously reported having more than 1,000 employees as of March, and did not immediately have a figure for its current workforce on Tuesday.
Prior to Lacework, Hatfield previously spent nearly seven years as president at Clean Storage, followed by 16 months as vice chairman, according to LinkedIn. He joined the company as president in 2013, just a few years after its founding, and stayed through its initial public offering and first several years as a public company.
While there are no plans to directly replace Hatfield at Lacework under Parikh’s leadership, the company plans to hire a chief revenue officer in the near future, Parikh said.
Finally, Lacework’s leadership focused on building activities that would “be successful over 10 or 20 years – we’re not building this to be a transaction.”
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