- Push-out Score suggests push-out forces
- After about twelve years in the position
- Praise for Reinland
- Search for a successor
(exechange) — Seattle, Washington, December 12, 2017 — Andy Reinland, finance chief of F5 Networks, leaves. As announced by F5 Networks, Inc. in a regulatory filing published on Tuesday, December 12, 2017, Andrew (Andy) Reinland leaves his post as Chief Financial Officer at the technology company after about twelve years in the position, effective during the Company’s third fiscal quarter, which ends June 30, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.8 years, according to data compiled by exechange. Only 20 percent of the CFOs who departed over the past twelve months left the position after more than ten years.
Reinland’s move comes eight months after François Locoh-Donou took over as CEO of F5 Networks, Inc.
F5 Networks will undertake a search for a successor.
No reason given
In the announcement, F5 Networks did not explicitly explain the reason for Reinland’s move, leaving room for speculation.
Precise information about Reinland’s future plans was not immediately available.
F5 Networks said: “On December 6, 2017, Andrew Reinland, Executive Vice President and Chief Financial Officer of F5 Networks, Inc. …, informed the Company of his plans to retire during the Company’s third fiscal quarter, which ends June 30, 2018.”
Share price decline
The change follows a decline in the share price of F5 Networks, Inc. since March 2017.
Chaired by Alan Higginson
F5 Networks, Inc. is chaired by Alan Higginson.
Higginson has served as one of the Company’s directors since May 1996.
CEO: François Locoh-Donou
François Locoh-Donou serves as CEO of F5 Networks, Inc. François Locoh-Donou has been Chief Executive Officer and President at F5 Networks, Inc. since April 2017. Locoh-Donou served as the Chief Operating Officer and Senior Vice President of Ciena Corporation since November 1, 2015 until March 23, 2017.
In the position of CFO since 2005
Andrew Reinland has been the Chief Financial Officer of F5 Networks, Inc. since October 25, 2005 and as its Executive Vice President since October 2012.
Andy Reinland is Executive Vice President and Chief Financial Officer for F5 Networks.
As a member of F5’s executive leadership team since 2005, he’s responsible for financial planning and analysis, investor relations, corporate strategy, and mergers and acquisitions.
Reinland is also responsible for worldwide accounting, reporting, and internal auditing procedures.
Reinland joined the company in 1998 as a Senior Finance Analyst and later served as Vice President of Finance.
In this role, he held primary responsibility for financial planning, forecasting, and providing direct financial support to the company’s business functions.
Prior to joining F5, Reinland was CFO for RTIME, Inc., a developer of networking technology for delivering real-time 3D Internet applications, which was acquired by Sony.
Reinland holds a B.A. in Business Administration from Washington State University.
Generally speaking, when a top manager announces to step aside with no successor available, it’s a signal that the change was unexpected and too early.
In general, possible causes for an unexpected management change may be, among others, disagreement or dispute, family reasons, health reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Andy Reinland’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 51.2017 ($).