Manuel Rivelo Resigns from the Company
Alan Higginson Named Non-Executive Chairman
F5 Networks, Inc. (“F5” or the “Company”) (NASDAQ:FFIV), a
global leader in Application Delivery Networking (ADN) technology,
today announced that John McAdam, Chairman of the F5 Board of
Directors, has been appointed President and Chief Executive
Officer. Mr. McAdam joined F5 in July 2000, and served as the
Company’s President and Chief Executive Officer until his
retirement in July 2015. In connection with this appointment, Mr.
McAdam will remain a member of the F5 Board but will step down as
Chairman in order to focus on his executive duties and actively
lead the Company forward. Alan Higginson, who currently serves as
F5’s Lead Independent Director, has been appointed Non-Executive
Chairman of the Board. All actions are effective immediately.
Mr. McAdam succeeds Manuel Rivelo who has resigned from his
position of President and Chief Executive Officer, and as a member
of the F5 Board of Directors, for matters regarding personal
conduct unrelated to the operations or financials of the
Company.
“The Board believes John is best suited to lead the Company as
F5 continues its evolution to expand our offerings and grow across
our product suite. As a longtime F5 executive, John has a deep
understanding of our business, operations and strategy, and an
appreciation for the hard work and dedication of our employees,”
said Mr. Higginson. “The Board is confident his 15-years of
leadership experience at F5 will allow him to seamlessly take on
the responsibilities of President and CEO, and looks forward to his
immediate contributions.”
Mr. McAdam said, “I look forward to immediately re-engaging on a
day to day basis with F5’s dedicated and passionate team of
employees as we further our mission to help clients deliver the
most secure, fast and reliable applications to anyone, anywhere, at
any time. I am excited about the opportunities F5 has before it in
new hybrid cloud architectures, application security and to
capitalize on emerging technology trends. I would like to add that
the Board of Directors and the executive leadership team remain
fully committed to the strategy and financial targets
we articulated in our earnings announcement on October 28,
2015.”
Mr. McAdam continued, “I want to thank Manny for his many
contributions to F5 over the past four years. Manny has been a key
member of F5’s strong leadership team who have developed our
current strategy.”
Mr. Higginson added, “I want to emphasize that these actions are
in no way related to the Company’s operating performance or
financial condition. This change in management, while unexpected,
is strictly related to personal conduct matters. We are confident
that F5 will be in good hands with John leading the Company
forward.”
While Mr. McAdam leads F5 as President and CEO, the Board will
undertake a formal search process to identify a permanent
successor.
About John McAdam
John McAdam has served as Chairman of F5’s Board of Directors
since July 2015, upon retiring as President and Chief Executive
Officer. Shortly after joining F5 in July 2000, Mr. McAdam
successfully navigated the Company through the turbulent
post-dot-com era, bringing F5 to profitability and positioning it
for further growth. During his tenure at F5, Mr. McAdam grew the
Company’s annual revenue from $108.6 million to more than $1.9
billion in fiscal year 2015. He oversaw numerous successful
acquisitions, guiding F5 into new and adjacent markets that enhance
the Company’s core application delivery solution offerings. Under
Mr. McAdam’s leadership, F5 was added to the S&P 500—one of the
world’s most widely followed stock market indices.
Mr. McAdam has also received numerous leadership awards, among
them Puget Sound Business Journal’s 2013 Executive of the Year,
Seattle Business Magazine’s 2012 Lifetime Achievement Award, and
Best in Business Awards’ 2012 Executive of the Year, silver
category. He was also named to Business Insider’s 2013 list of 50
Most Powerful People in Enterprise Tech and CRN’s list of Top 25
Innovators for 2012.
Prior to joining F5, Mr. McAdam served as General Manager of the
Web server sales business at IBM. From January 1995 until August
1999, he was President and Chief Operating Officer of Sequent
Computer Systems, a manufacturer of high-end open systems, which
was sold to IBM in September 1999.
Mr. McAdam serves on the Board of Directors of Tableau Software,
Nutanix and Apptio. He holds a B.S. in Computer Science from the
University of Glasgow, Scotland.
About F5
F5 (NASDAQ: FFIV) provides solutions for an application world.
F5 helps organizations seamlessly scale cloud, data center,
telecommunications, and software defined networking (SDN)
deployments to successfully deliver applications and services 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 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
LinkedIn and Facebook for more information about F5, its partners,
and technologies.
F5 and Silverline are trademarks or service marks of F5
Networks, Inc., in the U.S. and other countries. All other product
and company names herein may be trademarks of their respective
owners.
Forward-Looking Statements
This press release contains forward-looking statements
including, among other things, statements regarding management and
Board changes, the continuing strength and momentum of F5's
business, F5’s outlook (including strategic and financial targets),
future financial performance and results, 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 performance and results could differ materially
from those expected 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: timing and integration of management and Board changes
(and related arrangements); 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 an 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 (the ”SEC”), including our most recent
report on Form 10-K and other reports and documents that we file
from time to time with the SEC, which could cause actual results,
performance or achievements of the Company 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 Form 10-K and Form 10-Q, as 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151214006303/en/
F5 Networks, Inc.Investor RelationsJohn Eldridge,
206-272-6571j.eldridge@f5.comorPublic RelationsNathan Misner,
206-272-7494n.misner@f5.com
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