Veeam has restructured its executive team, promoting its co-founder, Andrei Baronov, to the role of CEO, while the company's other co-founder, Ratmir Timashev, has been promoted to EVP of worldwide sales and marketing.

Chairman of the finance and compensation committees, William Largent, assumes the role of EVP of operations.

Both Timashev and Largent will report to the CEO.

According to the disaster recovery and virtualisation management software provider, these executive changes add extra focus and strength to help the company continue its rapid expansion into the enterprise and cloud segments, and enable it to accelerate growth across all markets.

Member of the board of directors Peter McKay and Baronov had been co-CEOs since May 2017. McKay will leave the company.

As CEO, Baronov will continue focusing on key functional competencies and will be responsible for optimising Veeam's growth potential.

"I want to thank Peter McKay for his dedication and energy, and we all wish him the best in his new endeavours," says Baronov.

"He leaves Veeam with a deep bench strength of experienced management leaders who will carry our vision and strategy forward. The changes we have made to the executive team will ensure Veeam continues our aggressive growth, and we can deliver the exceptional customer experience we are renowned for."

Veeam also reaffirmed its goal of becoming a $1.5 billion revenue company in 2020.

Since starting operations in 2006, Veeam says its growth has been meteoric globally.

"New and existing customers have accelerated the adoption of the hyper-availability platform, which is the core component of Veeam's data protection and data management solution with integrated agent management."

Veeam recently reported its 41st consecutive quarter of double-digit growth, experiencing a 20% year-over-year increase in bookings and more than 26% year-over-year growth in its cloud business.

It says traction with its alliance partners outperformed expectations, with Cisco, HPE, Lenovo and NetApp helping to drive a 128% year-over-year increase in bookings via unique resale agreements.

"Our vision and strategy to be the most trusted intelligent data management company is seeing us secure more than 4 000 new customers a month, driving sequential double-digit bookings growth," says Timashev.

"As testament to the growth we are experiencing, according to the most recent IDC Software Tracker for Data Replication & Protection 2018H1, Veeam is number four in market share after Dell, IBM and Veritas, and ahead of Commvault; we are the fastest growing vendor with 24.7% year-over-year growth."

Veeam points out its acquisition of N2W Software early this year positioned it as the leading provider of availability for any app, any data, across any cloud, and its ability to protect Amazon Web Services deployments.