Akamai Technologies, Inc. (NASDAQ: AKAM), the world’s largest and most trusted cloud delivery platform, today announced the upcoming retirement of George Conrades, Chairman of the Company’s Board of Directors. Conrades’ retirement will be effective at Akamai’s annual shareholder meeting on June 1, 2018. The Board has appointed Frederic V. Salerno, currently the Company’s Lead Independent Director, as Chairman, effective immediately.
Conrades joined Akamai as a director in 1998, shortly after the Company’s founding, and was named chairman and chief executive officer in April 1999, leading the Company’s highly successful IPO later that year. He became executive chairman in 2005 upon his retirement as CEO. Under Conrades’ leadership, Akamai has grown from an MIT startup to a global provider of cloud technology and services used by thousands of financial institutions, e-commerce leaders, media and entertainment companies, and government agencies around the world. The Company now employs more than 7,600 people with 64 offices in 28 countries and is one of only nine U.S.-based software and services companies that exceed $2 billion in annualized revenue. Prior to Akamai, Conrades held executive and senior management positions at GTE, BBN and IBM.
Frederic V. Salerno, an Akamai board member since 2002 and lead independent director since 2013, will assume the position of chairman of the board. The advice and counsel that Salerno has provided to Akamai management on key strategic initiatives during his tenure has contributed to the Company’s continued success and growth. He is a veteran technology and telecommunications executive who was most recently vice chairman and chief financial officer of Verizon Communications until his retirement in 2002.
“I want to express my deep appreciation to George for his unwavering dedication and tremendous leadership over the past two decades,” said Dr. Tom Leighton, Akamai CEO and Co-Founder. “The impact of his work cannot be overstated, not just for the growth and customer-focused culture that he fostered at Akamai, but on the evolution of the internet as a whole.”
“I am also very pleased to welcome Fred Salerno into the role as chairman of the board,” Leighton added. “Fred has been a key part of Akamai’s success since joining the board in 2002 and he has played a vital leadership role in the board’s operations and committees.”
“While I am retiring from a formal capacity, Akamai will always remain a part of me. This journey has been nothing short of remarkable, and it has been a distinct honor to work with such brilliant people and innovative customers to build a company that has helped transform the internet into an essential part of the way businesses and government agencies operate,” said George Conrades. “I believe Akamai’s greatest opportunities still lie ahead, and I have every confidence the Company is set up for continued, long-term success. I also want to thank Tom for his friendship over the years and congratulate Fred as he assumes this role with very capable hands.”
“It has been a pleasure to work alongside George over the last 16 years. I am not alone in expressing my sincere appreciation for all of his effort and wishing him the very best moving forward,” said Fred Salerno. “And I’m truly honored to follow George as Akamai’s chairman and excited for the future of the Company as we continue to help organizations and people around the world conduct business and consume content over the internet.”
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