8-KLeadership ChangesRegulation FDExhibits & Filings

F5, INC. 8-K Report, Executive Changes (Dec 14, 2015)

Filed December 14, 2015For Securities:FFIV

Summary

F5 Networks, Inc. (FFIV) filed an 8-K on December 14, 2015, to report significant changes in its executive leadership. The report details the immediate resignation of Manuel Rivelo as President and Chief Executive Officer and as a member of the Board of Directors. Importantly, this resignation was stated to be without any disagreement concerning the company's operations, policies, or practices. Following Mr. Rivelo's departure, the Board of Directors appointed John McAdam as the new President and Chief Executive Officer. Concurrently, Alan J. Higginson transitioned from Lead Independent Director to the role of independent, non-executive Chairman of the Board. Mr. McAdam, who previously served as Chairman of the Board and CEO, will continue as a Board member while leading the company. The company also indicated that a new employment arrangement for Mr. McAdam is expected and will be disclosed in a future filing.

Key Highlights

  • 1Resignation of Manuel Rivelo as President and CEO, effective immediately.
  • 2Manuel Rivelo also resigned from his position on the Board of Directors.
  • 3The company stated that Mr. Rivelo's resignation was not due to any disagreements regarding company operations, policies, or practices.
  • 4John McAdam has been appointed as the new President and Chief Executive Officer.
  • 5Alan J. Higginson has been appointed as the independent, non-executive Chairman of the Board.
  • 6John McAdam will continue to serve as a member of the Board of Directors.
  • 7A press release dated December 14, 2015, was issued to provide further information on these executive changes and reaffirm the company's strategy and financial targets.

Frequently Asked Questions

Manuel Rivelo resigned as President and Chief Executive Officer and from the Board of Directors. The filing explicitly states that his resignation was not due to any disagreement with F5 Networks, Inc. on any matter relating to the company's operations, policies, or practices.

John McAdam has been appointed as the new President and Chief Executive Officer of F5 Networks, Inc. He has prior experience as the company's CEO and Chairman.

John McAdam is now the President and Chief Executive Officer. He will continue to serve as a member of the Board of Directors.

According to the press release referenced in the filing, F5 Networks, Inc. reiterated its commitment to its strategy and financial targets, suggesting continuity in its business objectives despite the leadership change.