FireEye Chief David DeWalt to Step Down

Kevin Mandia to Assume Role as Chief Executive Officer at FireEye, DeWalt to Remain Executive Chairman

FireEye said on Thursday that Chairman and CEO David DeWalt will step down from the top position at the security firm, being replaced by current FireEye president Kevin Mandia.

Effective on June 15, 2016, the company said the leadership changes are part of its overall plan to position the company for future growth.

DeWalt will assume the role of executive chairman of the board and is expected to remain active in the company’s operations. He joined the company as chairman of the board of directors in May 2012, and took on the role of CEO in November of 2012.

A well respected industry veteran, DeWalt led McAfee to its eventual $7.68 acquisition by Intel in August 2010.

A former officer in the United States Air Force, Mandia was named FireEye president in February 2015 and was appointed to the FireEye Board of Directors in February of this year. Mandia previously served as FireEye senior vice president and chief operating officer from December 2013, when FireEye acquired Mandiant in a deal valued at $1 billion at the time.

“Kevin was instrumental in bringing FireEye and Mandiant together and in the development of the security solutions, services and delivery models that are core to our strategy today,” DeWalt said in a statement. “We are fortunate to have Kevin — one of the security industry’s most powerful and respected voices and most sought-after cyber defense experts — as a member of our executive leadership team. Kevin and I share a common vision for FireEye and our industry, and I look forward to supporting him in his new role as FireEye CEO.” 

The Milpitas, California-based company also said that Mandiant President Travis Reese will become president of FireEye and that Chief Financial Officer Mike Berry has been named chief operating officer in addition to his role as chief financial officer.

Additionally, current FireEye board member and former Symantec CEO Enrique Salem has been appointed as lead independent director. Salem has been a managing director of Bain Capital Ventures since July 2014.

FireEye on Thursday reported first quarter 2016 revenue of $168.0 million, an increase of 34 percent from Q1 last year. For the second quarter of 2016, the company said it expects total revenue in the range of $178 to $185 million, with a non-GAAP operating margin of roughly negative 31 to negative 33 percent of revenue. The company expects total 2016 revenue to be in the range of $780 to $810 million.

Shares of of FireEye were trading down nearly 9 percent in after-hours trading, at $14.68 per share at the time of publishing.