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.
Copyright Business Wire 2014