Seattle-based cybersecurity company F5 Inc. (Nasdaq: FFIV) is shrinking the size of its board following the departure of a director.
Former PayPal executive Sri Shivananda is resigning from the board because of "a change of responsibilities and requirements relating to his current employment," according to a Friday regulatory filing. Shivananda is taking over the chief technology officer role at JPMorgan Chase, Reuters reported earlier this month.
According to the regulatory filing, F5 is reducing its board from 11 to 10 members to avoid having any vacancies.
F5 said in the regulatory filing Shivananda's leaving wasn't due to any disagreement with F5. A company spokesperson said F5 couldn't comment beyond the filing.
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Shivananda spent more than eight years at PayPal before taking his new role with JPMorgan Chase, according to his LinkedIn page, where he held the chief technology officer role for more than seven years. He spent about 13 years at eBay before PayPal. He joined F5's board in 2020.
F5 was founded in 1996 and went public in 1999. It offers app protection, fraud prevention, network performance and app delivery. F5 began with a focus on helping clients smoothly run their websites, but the company has moved further into the app and cloud spaces over the years.
F5's clients include McGraw Hill and Bank Mega. In its second quarter fiscal year 2024 results, released in April, F5 reported $681 million in revenue, down 3% year over year. The company laid off 120 of its roughly 6,400 employees in November, after cutting 623 jobs in April 2023.
Last October, former Sprint CEO Michel Combes rejoined F5's board after previously serving on the board from 2018 to 2021.
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