F5 firing 10% of Israeli team
F5 firing 10% of Israeli team
The American cybersecurity company is reducing its global workforce by 9%, a total of 623 employees
American cybersecurity company F5 is laying off 20 of its Israel-based employees as part of the global cutbacks. Company CEO François Locoh-Donou sent a message to employees last week announcing that F5 is reducing the size of its team by 623 roles, comprising 9% of its total workforce. F5, which employs around 230 in Israel, also announced that it would be eliminating the CEO’s bonus for 2023 and reducing EVP and executive leadership team bonuses.
Locoh-Donou also said that the company will be consolidating offices later this year, as well as reformatting internal company events, with large events such as ISMC and Tech Summit to be virtual.
F5 is traded on Nasdaq and currently has a market cap of $8.1 billion.
“As we look at the past six months, it’s clear that rising interest rates, geopolitical events, and macroeconomic uncertainty have dramatically affected our customers’ spending patterns,” wrote Locoh-Donou. “We do not believe this environment will persist, but we also do not know what the ‘new normal’ will look like when it comes. Because of this uncertainty, we must take measures to decrease our costs without jeopardizing our future growth trajectory.”
F5’s Israel office is headed by Aran Erel, who also serves as the Country Manager for Greece and Cyprus.
