F5 Networks CEO John McAdam to retire

Reuters News
Posted: Apr 22, 2015 4:26 PM

(Reuters) - Network equipment maker F5 Networks Inc said longtime Chief Executive John McAdam will retire in July and will be succeeded by Manuel Rivelo.

Rivelo, who is currently F5 Network's executive vice president of strategic solutions, joined the company in 2011.

F5 Network also reported a 12.4 percent rise in quarterly revenue, helped by strong demand from telecommunications service providers and enterprise customers.

The company's net income rose to $85.7 million, or $1.18 per share, in the second quarter ended March 31, from $69.6 million, or 91 cents per share, a year earlier.

The company said revenue rose to $472.1 million from $420 million.

(Reporting By Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)