8-KLeadership Changes

F5, INC. 8-K Report, Executive Changes (Dec 12, 2017)

Filed December 12, 2017For Securities:FFIV

Summary

F5, INC. (FFIV) announced on December 6, 2017, that its Executive Vice President and Chief Financial Officer, Andrew Reinland, plans to retire during the third fiscal quarter of 2018, which concludes on June 30, 2018. Mr. Reinland will continue in his current capacity until his departure and will actively participate in the search for his successor, considering both internal and external candidates to ensure a smooth transition. In recognition of his extensive service, the Company has accelerated the vesting of 7,301 of Mr. Reinland's restricted stock units, moving the vesting date from November 1, 2018, to May 1, 2018, as stipulated in his retention award agreement. This filing also includes standard forward-looking statements, reminding investors that actual results may differ due to various risks and uncertainties, including those related to management changes and strategic objectives.

Key Highlights

  • 1CFO Andrew Reinland announced his intention to retire in Q3 FY18 (ending June 30, 2018).
  • 2Mr. Reinland will remain in his role until his retirement and will assist in the CFO succession process.
  • 3The company will conduct a thorough search for a successor, considering both internal and external candidates.
  • 47,301 of Mr. Reinland's restricted stock units have had their vesting accelerated from November 1, 2018, to May 1, 2018.
  • 5The vesting acceleration is in recognition of Mr. Reinland's long and distinguished service.
  • 6The filing includes forward-looking statements regarding management changes and potential risks.

Frequently Asked Questions

The Chief Financial Officer, Andrew Reinland, is expected to retire during F5's third fiscal quarter of 2018, which ends on June 30, 2018.

F5, Inc. will conduct a thorough search for a successor, considering both internal and external candidates. Mr. Reinland will assist in this process.

The vesting of 7,301 of Mr. Reinland's restricted stock units has been accelerated from November 1, 2018, to May 1, 2018, in recognition of his long and distinguished service to the company, as per his retention award agreement.

The filing mentions that forward-looking statements related to management changes are subject to risks and uncertainties. These can include the timing of management changes, the integration of new management, and any related arrangements, as well as potential changes in strategic and other business objectives.