F5 Networks, the Seattle-based application delivery networking company with an increasingly cloud-oriented focus, has announced that CEO and President Manuel Rivelo has resigned "for matters regarding personal conduct unrelated to the operations or financials of the Company."
Or as F5 spins it in its press release headline on Monday: "F5 Networks Announces Appointment of Long-Time F5 Executive John McAdam as President and CEO."
Indeed, McAdam joined F5 in 2000 and served as CEO and President until this July, when he retired (he did stay on with the company as Chairman of the Board). But this unexpectedly has proven to be one heck of a short-lived retirement for the 64-year-old McAdam, who led the company during a period when revenue grew to $1.7B.
Nevertheless, in public statements issued by F5, McAdam takes the high road in thanking Rivelo for his "many contributions to F5 over the past four years." McAdam and new non-Executive Chairman of the Board Alan Higginson stressed, however, that the resignation had nothing to do with "operations or financials."
An F5 SEC filing proved no more revealing regarding Rivelo's unacceptable conduct other than to state that the "resignation was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices."
Rivelo was a long-time Cisco executive with experience overseeing sales, operations and development groups. He spoke to Network World Editor in Chief John Dix over the summer about where F5 would be headed next.
As ZK Research's Zeus Kerravala wrote in Network World in April, Rivelo had big shoes to fill at F5. Though as it turns out, Rivelo was merely keeping them warm.
The Board now looks to put this affair behind it and begin its search for a permanent successor as President and CEO.