F5 Announces President and CEO John McAdam’s Plans to Retire at the End of Fiscal Year 2015
October 29 2014 - 4:07PM
Business Wire
F5 Networks, Inc. (NASDAQ: FFIV) today announced that John
McAdam, the Company’s President and Chief Executive Officer, has
informed the Board that he plans to retire at the end of fiscal
year 2015. Al Higginson, Chair of F5’s Board of Directors, said it
is the Board’s current intention that following Mr. McAdam’s
retirement from his role as President and CEO, McAdam will remain
on the Board and serve as non-executive Board Chair. Mr. McAdam
will continue to work closely with the Board as part of its process
for identifying his successor to ensure a smooth transition for the
Company.
“Since joining F5 as President and CEO in the summer of 2000,
John has been an inspirational leader, steering the Company through
challenging economic times, spurring innovation, encouraging and
empowering the management team to pursue new market opportunities,
and guiding the Company’s evolution in a constantly shifting
technology landscape. During his tenure, he has established a
remarkable track record, presiding over the growth of F5 from a
little-known company with 500 employees and $100 million in annual
revenues to a successful and highly-disciplined global organization
with nearly 4,000 employees and annual revenues of more than $1.7
billion. I’m confident that following his retirement, the Company
that grew and prospered under John for a decade and a half will
sustain its momentum for years to come,” Higginson said.
Commenting on his decision, McAdam stressed that he has never
felt more positive about the Company and its future. “Following a
year of record growth, I believe F5 is better positioned in terms
of our market opportunity, the breadth of our products and
services, the strength of our partnerships, and the caliber and
enthusiasm of the entire F5 team than at any time in the Company’s
history. I am excited about our prospects and firmly committed to
delivering another year of solid growth and profitability as
President and CEO,” McAdam said.
About F5 Networks
F5 (NASDAQ: FFIV) provides solutions for an application world.
F5 helps organizations seamlessly scale cloud, data center, and
software defined networking (SDN) deployments to successfully
deliver applications to anyone, anywhere, at any time. F5 solutions
broaden the reach of IT through an open, extensible framework and a
rich partner ecosystem of leading technology and data center
orchestration vendors. This approach lets customers pursue the
infrastructure model that best fits their needs over time. The
world’s largest businesses, service providers, government entities,
and consumer brands rely on F5 to stay ahead of cloud, security,
and mobility trends. For more information, go to f5.com.
You can also follow @f5networks on Twitter or visit us on
Facebook for more information about F5, its partners, and
technology.
Forward Looking Statements
This press release contains forward-looking
statements including, among other things, statements regarding the
continuing strength and momentum of F5's business, future financial
performance, sequential growth, projected revenues including target
revenue and earnings ranges, income, earnings per share, share
amount and share price assumptions, demand for application delivery
networking, application delivery services, security, virtualization
and diameter products, expectations regarding future services and
products, expectations regarding future customers, markets and the
benefits of products, and other statements that are not historical
facts and which are forward-looking statements. These
forward-looking statements are subject to the safe harbor
provisions created by the Private Securities Litigation Reform Act
of 1995. Actual results could differ materially from those
projected in the forward- looking statements as a result of certain
risk factors. Such forward-looking statements involve risks and
uncertainties, as well as assumptions and other factors that, if
they do not fully materialize or prove correct, could cause the
actual results, performance or achievements of the company, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: customer acceptance of our new traffic management,
security, application delivery, optimization, diameter and
virtualization offerings; the timely development, introduction and
acceptance of additional new products and features by F5 or its
competitors; competitive factors, including but not limited to
pricing pressures, industry consolidation, entry of new competitors
into F5’s markets, and new product and marketing initiatives by our
competitors; increased sales discounts; uncertain global economic
conditions which may result in reduced customer demand for our
products and services and changes in customer payment patterns;
global economic conditions and uncertainties in the geopolitical
environment; overall information technology spending; litigation
involving patents, intellectual property, shareholder and other
matters, and governmental investigations; natural catastrophic
events; a pandemic or epidemic; F5's ability to sustain, develop
and effectively utilize distribution relationships; F5's ability to
attract, train and retain qualified product development, marketing,
sales, professional services and customer support personnel; F5's
ability to expand in international markets; the unpredictability of
F5's sales cycle; F5’s share repurchase program; future prices of
F5's common stock; and other risks and uncertainties described more
fully in our documents filed with or furnished to the Securities
and Exchange Commission, including our most recent reports on Form
10-K and Form 10-Q and current reports on Form 8-K that we may file
from time to time, which could cause actual results to vary from
expectations. The financial information contained in this release
should be read in conjunction with the consolidated financial
statements and notes thereto included in F5’s most recent reports
on Forms 10-Q and 10-K as each may be amended from time to time.
All forward-looking statements in this press release are based on
information available as of the date hereof and qualified in their
entirety by this cautionary statement. F5 assumes no obligation to
revise or update these forward-looking statements.
F5 Networks, Inc.Investor RelationsJohn Eldridge,
206-272-6571j.eldridge@f5.comorPublic RelationsNathan Misner,
206-272-7494n.misner@f5.com
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