Summary
Fortinet, Inc. (FTNT) filed an 8-K on February 5, 2018, primarily to report its fourth quarter and full-year 2017 financial results and to announce a change in its Chief Financial Officer role. The company provided an update on its financial performance for the period ending December 31, 2017, with the detailed press release furnished as an exhibit. Investors should review this press release for specific figures regarding revenue, profitability, and other key financial metrics to understand the company's performance trajectory at the close of 2017. In addition to the financial results, the filing disclosed the resignation of Andrew Del Matto as CFO, effective February 16, 2018. Fortinet's board subsequently appointed Keith Jensen as Interim CFO, also effective February 16, 2018. Mr. Jensen brings extensive financial leadership experience to the interim role, having served as the company's Chief Accounting Officer and holding previous CFO positions at other technology companies. His compensation package as interim CFO includes a base salary, a target bonus, and an additional quarterly bonus for the duration of his interim appointment.
Key Highlights
- 1Fortinet reported its Q4 and full-year 2017 financial results, detailed in a press release furnished with the 8-K.
- 2Andrew Del Matto resigned as Chief Financial Officer, with his departure effective February 16, 2018.
- 3Keith Jensen was appointed as Interim Chief Financial Officer, effective February 16, 2018.
- 4Mr. Jensen's prior experience includes serving as Fortinet's Chief Accounting Officer and holding CFO roles at other public companies.
- 5The interim CFO role comes with a base salary of $320,000 annually, a 30% target bonus, and an additional $40,000 quarterly bonus.
- 6The filing includes a press release as Exhibit 99.1 containing the financial results, which is incorporated by reference.