Following the recent announcement that VeriSign CEO Mark McLaughlin would join the company as CEO, Palo Alto Networks this week announced the appointment of Chuck Robel, former Chairman of the Board at McAfee, to its Board of Directors.
Robel served as Chairman of the Board of McAfee from 2006 until its $7.68 billion sale to Intel in February 2011. From 2000 to 2005, Robel was a general partner and chief operating officer at Hummer Winblad Venture Partners, a VC fund focused on early stage software company investments.
Robel also had a 26-year stint at PricewaterhouseCoopers and brings a wide range of skills and experience in the areas of finance, corporate governance, accounting, and M&A to the board, something attractive to a company that many assume is on the road to an IPO.
“We are very pleased to welcome Chuck Robel to the Palo Alto Networks Board of Directors,” said Michael Lehman, CFO and member of the Office of the CEO at Palo Alto Networks. “Chuck brings to the table an extraordinary mix of financial and security industry expertise, which will be instrumental as we successfully guide the company on through its next major milestones.”
While the next major milestone for the Santa Clara, California based company may an IPO, the company has rapid growth and solid financials on its side, and doesn’t appear to be in dire straits to raise cash—though doing so at an attractive valuation shouldn’t be an issue. Despite being a private company, it did shed some financial insight into its books recently, announcing that it has achieved an annual bookings rate above US$200 million, and that it has been cashflow positive from operations for five consecutive quarters. While the company has raised a total of $64 Million in funding to date, the most recent round took place back in 2008.
The company recently moved into a larger headquarters in Santa Clara to accommodate its growth, with 300 planned openings in its new fiscal year starting August 1st.
Best known for its Next Generation Firewalls, Palo Alto Networks designs and manufactures all its products in the United States and now claims over 4,500 customers worldwide. In its most recent fiscal year, its business was approximately 60% domestic and 40% international, the company said in a recent statement.
Recently appointed CEO Mark McLaughlin starts at the company on August 25th, after completing his duties at VeriSign.
