Splunk's Board of Directors Gets Strategic Refresh with Two High-Profile Appointments

Splunk Inc. (NASDAQ: SPLK) has welcomed Richard P. Wallace and David Tunnell to its Board of Directors, marking a significant shift in the company’s governance structure as it navigates growth and profitability transformation. The appointments take effect immediately, with Stephen G. Newberry and Sara Baack stepping down from their respective positions.

Who’s Joining the Board of Directors

Richard P. Wallace brings three decades of enterprise technology expertise as President and CEO of KLA Corporation, a cornerstone equipment provider in the semiconductor industry. His track record spans leadership across operations, customer relations, and product divisions at KLA, where he has served in various senior capacities since 1988. David Tunnell arrives with a 25-year track record in investment strategy as a Partner at Hellman & Friedman, where he oversees software and technology investments from the firm’s San Francisco office. Both executives currently hold board positions at other major technology firms.

Strategic Implications for Splunk’s Direction

The reconstituted Board of Directors now comprises 11 members, with 10 classified as independent directors. Five board members have joined within the past 18 months, signaling intentional renewal. Wallace, representing operational excellence and scaling expertise, joins Tunnell, who brings institutional investment perspective and a collaborative history with Splunk through Hellman & Friedman’s portfolio involvement.

Graham Smith, Chair of the Board of Directors, emphasized that these additions reflect the company’s pivot toward “long-term durable growth” and shareholder value creation. CEO Gary Steele framed the appointments as essential to executing Splunk’s dual mandate: capturing market expansion opportunities while achieving sustainable profitability margins.

Reorganized Governance Structure

The Board of Directors simultaneously reorganized its Talent & Compensation Committee, integrating Wallace alongside Graham Smith and Kenneth Hao. This restructuring suggests heightened focus on executive alignment and compensation strategy during the company’s transformation phase.

Splunk’s leadership team views this governance evolution as positioning the company to leverage its expansive addressable market while balancing growth ambitions with financial discipline. The mix of operational expertise (Wallace) and investment acumen (Tunnell) appears designed to guide strategic decision-making during a critical business transition period.