New Relic on Thursday announced the promotion of Bill Staples to CEO, effective July 1. Founder and current CEO Lew Cirne will transition to the role of executive chairman of the board. 

Staples currently serves as president and chief product officer, after joining New Relic as CPO in early 2020. Before that, he was executive at Microsoft and Adobe. 

New Relic credits Staples for defining its core strategy for New Relic One, delivering a simpler go-to-market strategy that changed the packaging and pricing of its observability platform. He was also key in the company’s recent acquisition of Pixie Labs.

“When we recruited Bill into the company, we thought that he would be the natural successor to me as CEO at the right time,” Cirne said in a statement. “With his immediate and profound impact on our platform and our Product organization, and now more broadly across the company with his inspiring vision, strategy and passion for our customers and their success, Bill has exceeded our highest expectations as a strategic thinker and operational leader, making now the right time to make this transition.”

After Cirne takes over the role of executive chairman of the board, current chair Hope Cochran will continue on as Vice Chair of the Board and Lead Independent Director for New Relic.

The company also reported better than expected Q4 financial results. For the fourth quarter of fiscal 2021, New Relic reported a non-GAAP net loss per share of 27 cents on revenue of $173 million, up 8 percent year-over-year.

Analysts were expecting a net loss of 45 cents per share on revenue of $167.05 million. 

For the full fiscal 2021, the company’s non-GAAP net loss came to 33 cents per share on revenue of $668 million, up 11 percent.

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