F5 CEO John McAdam to retire

F5 Networks CEO John McAdam announced he will retire from the role at the end of fiscal year 2015, one year from now.

McAdam will remain on as chairman of the company's board. He will work with the board to find a successor.

McAdam, who was named the PSBJ's executive of the year in 2013, has been CEO of the company since July 2000. He led the company through the recession and a complete re-write of its core software.

He came on when the company had 500 employees and $100 million in revenue, and grew it to a business with nearly 5,000 employees and annual revenue of about $1.7 billion.

F5 is known as one of the fastest-growing tech companies in the region. It reported strong fourth quarter results Wednesday, with an 18 percent revenue increase to $465 million. The company reported a $94 million profit.

"Following a year of record growth, I believe F5 is better positioned in terms of our market opportunity, the breadth of our products and services, the strength of our partnerships, and the caliber and enthusiasm of the entire F5 team than at any time in the company's history," McAdam said in a statement. "I am excited about our prospects and firmly committed to delivering another year of solid growth and profitability as president and CEO."

McAdam, 63, was known for being a popular executive among employees. He has a 97 percent approval rate on the employer review site Glassdoor.

The PSBJ asked McAdam last year if he planned to retire. He said he didn't like to think about it.

"It scares the life out of me," he said at the time.

It wasn't just a scary prospect for McAdam. CFO Andy Reinland said last year that it was uncomfortable to think about McAdam leaving the company, but he was sure there would be other people willing to take the reins.

Rachel Lerman covers technology and retail for the Puget Sound Business Journal.