Okta appoints two new board members to strengthen leadership team

SAN FRANCISCO - Okta, Inc. (NASDAQ:OKTA), a $15.5 billion identity security company with impressive 76.7% gross profit margins, has appointed David Schellhase and Maggie Wilderotter to its board of directors, effective August 13, 2025, according to a press release statement.

Schellhase joins Okta from his position as Entrepreneur-in-Residence at Ballistic Ventures, a cybersecurity-focused venture capital firm. His previous experience includes serving as General Counsel at several public companies including Slack Technologies, Groupon, and Salesforce. He also held the position of Chief Operating Officer at Honest Work Corporation until its acquisition by Twitter in 2016.

Wilderotter brings extensive board experience, having served on 50 corporate boards throughout her career. She currently sits on the boards of Sana Biotechnology, DocuSign (as Board Chair), and Costco Wholesale Corp. Her executive leadership experience includes roles as Interim CEO of DocuSign in 2022 and various senior positions at Frontier Communications, including Chair and CEO from 2006 to 2015.

Todd McKinnon, Okta CEO and Co-Founder, stated that the new directors bring "a deep understanding of how to take growth companies like Okta to the next level in complex business and technology environments."

Okta, which describes itself as "The World’s Identity Company," provides authentication and authorization solutions for businesses and developers. The company positions its identity services as critical components for securing artificial intelligence systems. With 13.5% year-over-year revenue growth and a strong financial health rating according to InvestingPro, Okta continues to strengthen its market position.

The appointments come as Okta seeks to expand its position in the identity security market and enhance its capabilities in securing AI technologies. Currently trading below its Fair Value with 41 analysts revising earnings estimates upward, Okta shows promising growth potential. Discover more insights about Okta and other tech leaders with InvestingPro’s comprehensive research reports, covering 1,400+ US stocks.

In other recent news, Okta, Inc. reported a positive 14% growth in calculated remaining performance obligations, exceeding its own guidance of 12%. Despite this, analysts expressed concerns over a smaller-than-expected revenue beat and the lack of a full-year guidance raise, which led to a significant drop in Okta’s stock price. RBC Capital Markets adjusted its price target for Okta to $135.00 from $143.00 while maintaining an Outperform rating, citing momentum in Okta’s go-to-market strategy. Bernstein SocGen Group also reiterated its Outperform rating with a price target of $132.00, emphasizing strong demand signals.

In other developments, Okta announced a new protocol called Cross App Access to enhance security for AI agents across enterprise systems. Additionally, Okta and Palo Alto Networks expanded their partnership with new security integrations aimed at strengthening threat response and secure application access. Okta also announced the resignation of board member Benjamin Horowitz, with the board reducing its size from nine to eight members. The company clarified that Horowitz’s departure was not due to any disagreement with Okta.

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