Raleigh’s Red Hat names new CFO

Open source software company Red Hat has named Frank Calderoni, whose 30-year career includes seven years as chief financial officer at Cisco Systems, as its new executive vice president of operations and CFO.

Calderoni will take over as CFO at Raleigh-based Red Hat from Charlie Peters, 63, who announced plans to retire in December. Calderoni also will be responsible for leading Red Hat’s information technology and operations teams.

Calderoni joined Cisco,, which makes computer networking equipment, in 2004 and was CFO from February 2008 until he stepped down in January 2015, heading the operations of a company with more than 72,000 employees and revenue of $47 billion for fiscal 2014. Most recently he served as an executive advisor to Cisco.

During Calderoni’s tenure at Cisco the company’s fortunes rose dramatically, with revenue more than doubling. But in recent years it has struggled with disappointing sales and laid off thousands of workers.

Calderoni was awarded a $4 million signing bonus and a $500,000 relocation bonus, according to documents filed with the Securities and Exchange Commission. His annual base salary was set at $685,000, and he also received stock awards valued at $9 million.

Calderoni was named one of the nation’s Best CFO’s three years in a row — 2012, 2013 and 2014 – by Institutional Investor magazine, according to Red Hat.

Calderoni joined Red Hat on Monday and will officially succeed Peters as CFO effective July 13.