Aerohive Networks (HIVE) CFO Resigns for Another Opportunity, Sees Q3 Revenue at Top End of Range

Aerohive Networks® (NYSE: HIVE) today announced that Gordon Brooks, the company’s CFO and senior vice president, has resigned to pursue other opportunities and that John Ritchie has been appointed CFO and senior vice president effective August 31, 2015. Mr. Brooks will remain with the company as an advisor through the closing of its current third quarter and assist with the transition over the next several months.

The company also stated that it expects its revenue for the third quarter of 2015 to be at the top end of the guidance range of $40-42 million originally provided on its August 5, 2015 earnings call.

***Street sees revenue of $45.72 million

John Ritchie is a proven silicon valley CFO whose 28-year career in finance has included his most recent role as the CFO of Telerik AD, prior to its acquisition by Progress Software, and public company CFO roles at Ubiquiti Networks, Electronics For Imaging and Splash Technology Holdings.

“I am very pleased to be adding John to the executive team at Aerohive,” said David Flynn, President and CEO. “John brings outstanding financial expertise, valuable domain expertise and excellent management judgment. I look forward to working with him as we enable Aerohive to realize its full potential.”

“Aerohive is at the forefront of the mobility revolution and I look forward to helping lead the company through its next phase of growth,” said Mr. Ritchie.

Mr. Brooks said, “The decision to leave Aerohive was a difficult one for me. The progress we have made and the team and relationships we have built have been very rewarding, and I leave the company in a strong position with an exciting opportunity in front of it.”

Mr. Flynn added, “On behalf of the entire company and our Board of Directors, we thank Gordy for his valuable contributions and leadership since joining the company in early 2013. He built a strong finance team, was integral in transitioning Aerohive to a public company and played an important role in implementing our strategy. We wish him the very best in the next phase of his career.”

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