The networking company also reported a 19 percent jump in second-quarter profit.
John McAdam, F5 Networks’ longtime chief executive, will step down July 1, replaced by the networking company’s executive vice president of strategic solutions, Manny Rivelo.
McAdam, 64, will become F5’s chairman, replacing Al Higginson, who will remain on the board as the company’s lead independent director.
In 2000, the first fiscal year of McAdam’s tenure as CEO, F5 generated $108.6 million in sales. In the most recent fiscal year that ended Sept. 30, F5’s revenue hit $1.7 billion. Over those years, F5’s stock more than quadrupled.
Rivelo, 50, has led the company’s strategic development, product management, and global marketing strategy during his time at F5. He worked for Cisco Systems for 19 years, including a stint as senior vice president of engineering systems, before joining F5 in 2011.
“This is an exciting time to be at F5, and I look forward to working with the company’s executive staff and the rest of the F5 team to extend our leadership, expand our addressable market, and build on the company’s long history of success,” Rivelo said in a statement.
F5 also reported results for its fiscal second quarter. In the period, profit climbed 19 percent to $85.7 million, or $1.18 per diluted share, on sales of $472.1 million, a 12 percent jump.
For the fiscal third quarter, F5 projects earnings of $1.16 to $1.19 per diluted share on sales of $475 million to $485 million. The projections were a bit below Wall Street expectations and F5 shares fell in after-hours trading about 3 percent to $117.
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