Confluent CEO Jay Kreps Exits Following IBM Acquisition

IBM has suffered another setback in its software division after Confluent CEO and co-founder Jay Kreps announced his resignation. The departure comes just months after IBM closed its $11 billion acquisition of Confluent in March.

Kreps, who helped found the company in 2014 alongside Neha Narkhede and Jun Rao, will step down from his role as CEO. He will be handing over the reins to chief product officer Shaun Clowes, but it's unclear whether he will remain with Confluent in any capacity.

Confluent is a data streaming subsidiary that provides real-time event streaming services to businesses via public and private cloud options. It has been used by over 6,500 customers, including more than 40% of the Fortune 500 companies. The firm's open-source history aligns with IBM's past acquisitions Red Hat and HashiCorp.