Shay Banon, co-founder of $ 10 billion open source Elastic, known as one of the fiercest critics of Amazon’s dominant position in cloud computing, is stepping down as the company’s CEO and chairman.

The current chief product officer, Ashutosh Kulkarni, who joined the company in January 2021 after having worked in product development roles at Akamai, McAfee and others, will assume the position of CEO, the company announced on Wednesday. The company’s share price fell 8% after the announcement.

“[Banon is] pass the torch on to Ash because Ash is the right choice for the business, ”said spokeswoman Jenn Malleo Forbes. She added that Banon wanted to focus on the technical side of the business. In a press release, Banon said the change in leadership would allow him to focus on his “greatest passions.” “Elastic is my …

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