F5 Names Manny Rivelo as New CEO

F5 Networks appointed Manny Rivelo as its new President and Chief Executive Officer and a member of F5’s Board of Directors effective July 1, 2015. He succeeds longtime CEO, John McAdam, who will become Chairman of the Board of Directors upon his retirement on July 1st. Al Higginson, who has been on the F5 Board of Directors since 1996, and has served as Board Chairman since 2004, will remain on F5’s Board as Lead Independent Director.

Previously, Rivelo served as F5’s Executive Vice President of Strategic Solutions. Before joining F5 in October 2011, Rivelo was Senior Vice President of Engineering Systems and Operations for Cisco Systems.  He holds bachelor's and master's degrees in Electrical Engineering from the Stevens Institute of Technology.


Separately, F5 Networks announced revenue of $472.1 million, up 2 percent from $462.8 million in the prior quarter and 12 percent from $420.0 million in the second quarter of fiscal 2014. GAAP net income was $85.7 million ($1.18 per diluted share), compared to $89.1 million ($1.21 per diluted share) in the prior quarter and $69.6 million ($0.91 per diluted share) in the second quarter a year ago.

 “Revenue in the second quarter of fiscal 2015 reflected solid sequential and year-over-year growth in sales to U.S. service providers and enterprise customers,” said John McAdam, F5 President and Chief Executive Officer. “The region’s strong performance was underpinned by a rebound in both the number and total dollar amount of deals greater than $1 million. In contrast, sales growth in EMEA and APAC came in below our expectations. Our solid earnings results reflect continued strength in our operating margins and were also supported by a lower than anticipated effective tax rate for the quarter. Earnings growth and a 23 percent year-over-year increase in deferred revenue contributed to exceptionally strong cash flow from operations during the quarter.

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