F5's outgoing CEO offers final vote of confidence for successor
Industry stalwart John McAdam makes impromptu appearance at F5 customer conference
F5 Networks' outgoing CEO, John McAdam, used an impromptu appearance at the company's Agility EMEA customer conference today to give a final seal of approval to his successor, Manny Rivelo.
During the conference's keynote session, which he was not slated to be a part of, McAdam got on stage to thank F5's customers and partners, and to reiterate his confidence in Rivelo's ability to take the company forward upon his retirement from the position of CEO.
Rivelo, currently senior vice president of strategy at F5, is due to take the CEO role on July 1.
"I announced in October my intention to retire during the year. On the last earnings call, we had agreed my successor, Manny Rivelo, with the board members and everyone else," McAdam said.
"There have never been so many changes in technology happening than there are right now. There are massive changes, with the whole drive towards software - I've never seen anything quite as big.
"It really requires a good vision to take on these challenges. Manny has been with the company for four years now, he's been running our strategy, and making sure we've got a great portfolio. I'm convinced that he's the right guy to take over and to make sure we move into a new era with the company."
McAdam joined F5 Networks as CEO in July 2000. At the time, the company had 497 employees, a market cap of $299m, and market share of 14%. Today, the company employs 4,033 people, has a market cap of $9bn, and owns 52.6% of its core market.
Taking the stage after an impressive send-off for McAdam, Rivelo admitted that he had big shoes to fill. However, he said that the company has a solid set of technologies on which it can continue to grow.
"You can see the growth that we've had under John - this is the trajectory that we want to continue. What's the vision? We want to keep going with the strategy that we've been pursuing," he said.