Former Google & SoftBank Executive Nikesh Arora Joins Palo Alto Networks As CEO

(RTTNews) - Palo Alto Networks (PANW) shares higher Friday after the cybersecurity company announced that its Board of Directors has named Nikesh Arora as its new chief executive officer and chairman of the Board of Directors, effective June 6, 2018.

The company specified that Arora succeeding Mark McLaughlin, who is transitioning to the role of vice chairman of the Board for Palo Alto Networks. The company noted that Arora formerly served as president and chief operating officer at SoftBank and as chief business officer at Google.

Palo Alto Network shares rose more than 2% in after hours, following a 0.5% rise to close at $209.19 in Friday's regular session.

The company also announced third quarter 2018 results, and will hold its earnings call before the market opens on June 4. In the third quarter, total revenue grew 31 percent year over year to $567.1 million, product revenue grew 31 percent year over year to $215.2 million, and billings grew 33 percent year over year to $721.0 million.