Extreme Networks Announces New Chief Financial Officer

Rhea-AI Summary

Extreme Networks has announced the appointment of Kevin Rhodes as the new Executive Vice President and Chief Financial Officer, effective May 30, 2023. With extensive experience in SaaS organizations, Rhodes aims to enhance the company's strategic direction and financial initiatives crucial for long-term growth. Previously, he served as CFO at Duck Creek Technologies, where he contributed to a successful acquisition by Vista Equity Partners for $2.6B, highlighting his capability in driving operational excellence. Ed Meyercord, CEO of Extreme, expressed confidence in Rhodes' skills to foster Annual Recurring Revenue (ARR) growth and improve margins. This leadership change comes as Extreme Networks seeks to expand its market presence and continue its trajectory of growth.

Positive

• Appointment of Kevin Rhodes as CFO, bringing extensive SaaS experience.
• Successful previous tenure at Duck Creek Technologies, leading to a $2.6B acquisition, indicating strong financial acumen.
• CEO Ed Meyercord emphasizes focus on long-term ARR growth and operational excellence.

Negative

• None.

Kevin Rhodes is a Proven Growth-Oriented Leader who can Continue Building Long-Term Shareholder Value Through Operational Excellence

MORRISVILLE, N.C.--(BUSINESS WIRE)-- Extreme Networks, Inc. (Nasdaq: EXTR), a leader in cloud networking, today announced it has appointed Kevin Rhodes, CPA, as Executive Vice President and Chief Financial Officer, effective May 30, 2023. Rhodes brings a wealth of experience driving long-term growth at SaaS organizations and has a successful track record of creating operational and financial excellence and long-term shareholder value at both public and privately held technology companies. He will help drive the Company’s strategic direction, financial planning and reporting with a focus on developing and implementing key initiatives that support Extreme’s continued growth and expansion.

Kevin Rhodes, CPA, Executive Vice President and Chief Financial Officer at Extreme Networks (Photo: Business Wire)

Prior to Extreme, Rhodes was EVP and CFO at Duck Creek Technologies, a global vertical SaaS provider, where he played a significant role in leading the company to a successful acquisition by Vista Equity Partners for $19 a share or $2.6B, a 64% premium over the 30 day volume weighted average price (VWAP). Previously, he held CFO roles at Finvi, Markforged and Brightcove. Rhodes holds an MBA from Babson College’s FW Olin Graduate School of Business and a B.S., Accounting/Finance from Merrimack College.

Ed Meyercord, President and CEO of Extreme, said, “Kevin is a business-oriented leader with an exceptional track record driving long-term growth at SaaS companies. His focus on understanding the business and aligning market drivers to growth models will provide Extreme with the insights and skillset needed to continue to drive our Annual Recurring Revenue (ARR), margin expansion and long-term shareholder, customer and franchise value. We believe his experience scaling businesses of our size will deliver immediate value for Extreme.”

“I want to thank Cristina Tate for seamlessly stepping in as interim CFO and executing flawlessly. In her continued role as SVP of Finance, she will partner with Kevin to drive our financial strategy and take Extreme to its next level of success,” Meyercord continued.

Kevin Rhodes, incoming CFO of Extreme, said, “Joining Extreme at one of the most significant periods of growth in the company’s history is a tremendous opportunity, and I look forward to working collaboratively with the executive team to develop and drive strategic initiatives that help accelerate growth, expand our market presence and scale our business over time. The company is well positioned to gain market share and continue to expand its global technology footprint.”

About Extreme Networks

Extreme Networks, Inc. (EXTR) is a leader in cloud networking focused on delivering services that connect devices, applications, and people in new ways. We push the boundaries of technology by leveraging the powers of machine learning, artificial intelligence, analytics, and automation. 50,000 customers globally trust our end-to-end, cloud-driven networking solutions and rely on our top-rated services and support to accelerate their digital transformation efforts and deliver progress like never before. For more information, visit Extreme's website at https://www.extremenetworks.com/ or follow us on LinkedIn, YouTube, Twitter, Facebook or Instagram.

Extreme Networks and the Extreme Networks logo are trademarks or registered trademarks of Extreme Networks, Inc. in the United States and other countries. Other trademarks shown herein are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005162/en/

Investor Relations and Press Contacts:

Stan Kovler

Vice President, Corporate Strategy & Investor Relations

Extreme Networks

919-595-4196

skovler@extremenetworks.com

Amy Aylward

Vice President, Corporate Marketing

Extreme Networks

603-952-5138

PR@extremenetworks.com

Source: Extreme Networks, Inc.