Informatica is a special company. Over the past 25 years, we have continued to lead the innovation in Data Management by building world class products and focusing on solving mission critical workloads for our customers across the world in every industry. And we live by our DATA Values which includes Doing Good for our customers, our partners and each other. Our values have always been our North Star and today we will lean on our values even more so as we share difficult news with our team.
To fully transition to a cloud organization we must be nimble, which means removing layers, simplifying our structure, and being laser focused on cloud-oriented execution. At the same time, the environment remains challenging and our customers are taking a more measured approach to their purchasing decisions. Finally, as we pivot to a cloud only business, we continue to remain committed to serving our on-prem solutions for existing customers including helping them transition to the cloud.
So today I am sharing the difficult news that we are eliminating positions, or entering the consultation process in several business functions which will impact approximately 7% of our very talented colleagues. We will reach out to impacted individuals and our global team this morning and, consistent with our Values we will act with the utmost compassion and respect throughout this process. Departing colleagues will receive generous financial, health and career resources to support them through their transition.
Thank you to all Informaticans from the bottom of my heart for supporting each other as we navigate through this transition. It is not easy and I fully recognize that.
I also want to share that our Chief Financial Officer Eric Brown, has decided to leave Informatica to pursue other opportunities. I want to thank him for his many contributions as we wish him the very best in his future endeavors. Eric will remain an advisor with the company through March 31, 2023, to support a seamless transition. We are fortunate to have a smooth transition as Michael McLaughlin will be joining Informatica as EVP and Chief Financial Officer on January 16th. Mike joins us from FICO, where he was EVP and CFO, leading the global finance team responsible for the company’s Software and Scores business segments.
Every member of our organization has been part of our incredible transformation to Cloud. To those leaving Informatica, I want to express my deep gratitude and thank you for your many contributions and dedication to our customers and each other. The employees being affected aren’t just colleagues. There are friends and part of team Informatica. They helped build this special place. And most of all, please lean on your leadership, including me, as we work through this difficult time together.
I’m grateful for every single one of you who has contributed to our continued success as a company. You’ve shown incredible resilience every step of the way. And I couldn't be more thankful as we take the journey towards our future of Cloud only business as One Team.
Amit Walia, CEO