F5 Networks has reappointed John McAdam, chairman of the F5 board of directors as the president and CEO following Manuel Rivelo's resignation.
In a statement the company says the resignation was for matters regarding personal conduct, not related to F5 operations or financial condition.
McAdam served as president and CEO of F5 from 2002 to July 2015, when he retired and Rivelo took over. Previously, Rivelo served as F5's executive vice president of strategic solutions.
Prior to joining F5 in October 2011, Rivelo was senior vice president of engineering systems and operations for Cisco Systems.
McAdam will resign as chairman to focus on his executive duties and Alan Higginson, the company's lead independent director, has been appointed non-executive chairman, says F5 Networks.
He currently sits on the board of Apptio, Nutanix and Tableau Software and he previously worked at Sequent Computer Systems as president and COO.
Higginson emphasised that the change in management, while unexpected, is strictly related to personal conduct matters.
McAdam thanked Rivelo "for his many contributions to F5 over the past four years", adding "Rivelo has been a key member of F5's strong leadership team who have developed our current strategy".
Higginson says the board believes McAdam is best suited to lead the company as F5 continues its evolution to expand its offerings and grow across its product suite.
"The board is confident his 15 years of leadership experience at F5 will allow him to seamlessly take on the responsibilities of president and CEO, and looks forward to his immediate contributions."
McAdam will lead the company as the board undertake a formal search process to identify a permanent successor.
"I am excited about the opportunities F5 has before it in new hybrid cloud architectures, application security and to capitalise on emerging technology trends," says McAdam.
He adds the board of directors and the executive leadership team remain fully committed to the strategy and financial targets it articulated in its earnings announcement on 28 October 2015.
For the first quarter of fiscal 2016, the company expects revenue of $480 million to $490 million.
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