Penguin Solutions appoints new executives in leadership restructuring

MILPITAS, Calif. - Penguin Solutions, Inc. (NASDAQ:PENG), currently trading near its 52-week high with a market capitalization of $1.3 billion, announced Tuesday the appointment of two new senior executives as part of an organizational restructuring aimed at accelerating the company’s transformation into an AI infrastructure solutions provider. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates, with 7 analysts recently revising their earnings expectations upward.

Tony Frey will join as Senior Vice President and Chief Revenue Officer effective August 25, overseeing global sales for the company’s Advanced Computing and Integrated Memory segments. Frey brings over 25 years of enterprise technology leadership experience, having previously served as vice president of global strategic accounts at NetApp and held multiple VP enterprise sales roles at Informatica.

Ted Gillick will assume the role of Senior Vice President of Strategy and Corporate Development effective August 4. Gillick has more than 20 years of experience in corporate development, investment banking, and strategic planning across the technology sector. He previously led global M&A efforts as SVP of corporate development at Dell Technologies.

As part of the restructuring, Penguin Solutions also announced the elimination of the SVP and president of Advanced Computing role, resulting in the departure of Pete Manca.

"These additions to our leadership team represent another step in our transformation from a legacy holding company organization to a more traditional leadership structure while setting us up for long-term success," said Mark Adams, President and CEO of Penguin Solutions, according to the company’s press release.

The leadership changes are intended to support product innovation and enhance go-to-market strategies in systems, software, services, and end-to-end advanced computing solutions, the company stated.

Penguin Solutions provides computing, memory, and LED solutions to help customers implement technological advancements.

In other recent news, Penguin Solutions reported its fiscal third-quarter 2025 earnings, which exceeded analyst expectations with an adjusted earnings per share of $0.47, surpassing the consensus estimate of $0.33. Despite this earnings beat, the company’s revenue fell short of projections, coming in at $324 million against the expected $330.79 million. The revenue still marked a 7.9% year-over-year increase. The Integrated Memory segment showed notable growth, generating $130.1 million in revenue, which was 42% higher year-over-year and above the consensus expectation of $116.5 million.

Following these earnings, Loop Capital raised its price target for Penguin Solutions to $35 from $30, maintaining a Buy rating. This adjustment reflects the company’s stronger-than-anticipated earnings per share and early signs of commercial AI adoption, including securing five new customers this quarter. Needham also raised its price target to $30, maintaining a Buy rating, after discussions with the company’s CFO. Citizens JMP reiterated a Market Outperform rating with a $26 price target, highlighting the company’s revenue growth despite missing overall estimates. These developments indicate continued interest and positive sentiment from analysts regarding Penguin Solutions’ market performance.

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