July 23, 2013, 6:11 PM — Juniper Networks CEO Kevin Johnson said Tuesday he is retiring once a successor is found.
Johnson abruptly announced his retirement after Juniper (NYSE: JNPR) announced its second quarter earnings in which it soundly beat Wall Street estimates: $1.15 billion in revenue, $60 million better than expected; and profit four cents per share higher than forecast.
Johnson will continue to serve in his current capacities while a transition is completed. Juniper's board has formed a search committee and hired an executive recruiting firm to draft its next CEO.
Despite today's second quarter results, Juniper's financial results have been inconsistent. The company dropped in market share rankings in both service provider edge routing and enterprise switching. And Juniper's security business has declined in the face of new competitors.
[HAS ANYONE SEEN MY...Juniper losing its enterprise mojo]
Things appear to be rebounding in the second quarter. And in the third, Juniper expects more of the same strong routing and switching demand, and a stabilizing security business.
"I would like to thank Kevin for his tireless commitment and countless contributions," Chairman Scott Kriens said in a statement. "Over the past five years under Kevin's leadership, Juniper has delivered innovative new products and improved operational capabilities, while the business has grown more than 50% and we look forward to Kevin's continuing leadership as we conduct our search for his successor. We are very pleased with our current momentum, and the health and strength of the company as we look towards a bright future in a growing industry."
Said Johnson, in a statement: