F5 says sales boss resigns; shares fall

Stock Market Predictions

(Global Markets) - Network gear maker F5 Networks Inc (FFIV.O) said Mark Anderson, executive vice president of worldwide sales, has resigned and will be replaced by Dave Feringa, vice president for Americas sales.

F5 Networks shares fell 6 percent at $100.75 in extended trade, after closing at $107.54 on Wednesday on the Nasdaq.

Anderson joined F5 in 2004 and was overseeing all sales activities for the company's application delivery networking product and service portfolio.

"Mark was a key contributor to our growth and success here at F5," Chief Executive John McAdam said in a statement.

F5's revenue has grown in the double-digits for more than two years as a booming market for smartphones and tablets has sparked an exponential increase in data traffic.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Viraj Nair)