Penguin Solutions, Inc. announced on October 6, 2026, that the company’s board of directors has appointed Stephen Cumming as Senior Vice President and Chief Financial Officer, effective immediately. Mr. Cumming will also serve as the Company’s principal financial officer and principal accounting officer. The appointment succeeds Aaron Johnson, who had served as interim CFO since July 9, 2026, and will return to his previous role as Vice President of Finance and Accounting.
Mr. Cumming, age 56, brings extensive experience in public company finance. Previously, he served as the Chief Financial Officer of Edgio, Inc., a provider of content delivery network and cybersecurity services, from 2022 to 2025. Prior to Edgio, he was the CFO of Cambium Networks Corporation from 2018 to 2022, during which he oversaw the company’s initial public offering in 2019. Mr. Cumming also held senior finance leadership roles at Atmel Corporation, Fairchild Semiconductor International, Inc., and National Semiconductor Corporation. He holds a Bachelor of Science in Business from the University of Surrey and is a UK Chartered Management Accountant.
In connection with his appointment, Penguin Solutions entered into an employment offer letter with Mr. Cumming that outlines his compensation terms. The offer includes an annual base salary of $550,000 and an annual performance bonus targeted at 90% of his base salary. Additionally, Mr. Cumming is set to receive a $700,000 retention bonus, payable in two equal installments within 45 days and 85 days following his start date. The offer letter also provides for the grant of equity awards under the Company’s Amended and Restated 2021 Inducement Plan. These awards consist of time-based restricted stock units with an aggregate value of $1,750,000 and performance-based restricted stock units with an aggregate value of $2,550,000. The performance-based units are subject to relative total stockholder return goals relative to the median company in the Russell 2000 Index over a three-year period.
