Okta, Inc. (NASDAQ:OKTA), the leading independent provider of identity for the enterprise, has announced that current board member and audit committee chair, Mike Kourey, will become Chief Financial Officer in March 2021. As part of this transition, Kourey will step down from the audit committee, which he has chaired since 2015, and resign from Okta’s board when he assumes the CFO role.
Since early 2019, Kourey has served as the CFO of Vlocity Inc., a cloud software company that was acquired by Salesforce in June 2020. Prior to this, he served as CFO of Medallia, Inc., a cloud-based customer experience management company, and Partner at Khosla Ventures, a venture capital firm. Kourey also spent over 20 years in a variety of roles at Polycom, Inc., a communications solutions company, most recently as CFO.
Kourey will succeed Bill Losch, who will be retiring after serving as CFO at Okta since 2013. Losch will continue in his current role through early March 2021 and the filing of Okta’s Form 10-K, and will remain an advisor to Okta through the end of the company’s first quarter of fiscal 2022. Kourey will report directly to Todd McKinnon, Okta’s Chief Executive Officer and co-founder.
“I want to thank Bill for his invaluable contribution to Okta from our early years to helping set the course to achieve over $1 billion in revenue next year,” said McKinnon. “He’s been a fantastic leader, partner, and friend, and we are all going to sincerely miss him. We’re excited for the next chapter for Bill and wish him nothing but the best in his retirement next year.
“We couldn’t ask for a better successor than Mike, who has been an instrumental member of our board as audit committee chair over the past five years,” continued McKinnon. “Mike’s career in technology, both as an executive leader and board member, is second to none. He brings decades of experience in scaling companies, which will be key as we position Okta to become the next iconic technology company.”
The news comes following the announcement of Okta’s strong third quarter results which saw revenue grow 42% year-over-year and subscription revenue grow 43% year-over-year, increasing the company’s fiscal year 2021 outlook for both revenue and profitability.