F5 Networks CEO Manuel Rivelo has resigned due to personal conduct matters.
John McAdam, chairman of the F5 Board of Directors, will be returning as the new president and CEO. McAdam, who joined F5 in July 2000, served as the company’s president and CEO until his retirement in July 2015.
F5 Networks in a statement said that these actions are in no way related to the company’s operating performance or financial condition. This change in management, while unexpected, is strictly related to personal conduct matters. The security company did not reveal specific reasons.
McAdam will step down as chairman in order to focus on his executive duties. The company will be hiring a new CEO shortly. Alan Higginson, who currently serves as F5’s lead independent director, will become the non-executive chairman of the Board.