A10 Networks hired Bank of America Merrill Lynch to advise the company on “strategic matters” including a potential sale. The virtualized security and SDN vendor also announced that CEO and President Lee Chen will retire once the company hires his successor, which A10 expects to do during the third quarter of 2019.

Both of these announcements came as A10 reported its second quarter 2019 earnings came in below guidance. The company posted revenue of $49.2 million — a 19% drop compared with the $60.7 million it reported during the second quarter 2018.

Chen blamed the revenue miss on several large deals being delayed during Q2, and he sounded oddly optimistic on an earnings call with investors despite the bad-news trifecta. “While our revenue was below our guidance in Q2, we continue to make progress on our top priorities for 2019, which include driving growth and innovation in security, 5G and multi-cloud,” he said, according to a transcript of the call. “This is an exciting time for A10.”

Chen briefly addressed his “planned retirement,” and said the board of directors formed a search committee to hire his replacement. “The search has been focused on a strong leader who will bring a different perspective and industry expertise,” he said.

As part of this transition, Eric Singer, founder and managing member of VIEX Capital Advisors, joined A10’s board of directors, and the company formed a “strategy committee” made up of Singer and two other directors. “The strategy committee is tasked and empowered with overseeing and executing specific activities to increasing shareholder value,” Chen said on the call, adding that the company would not comment further.

In a separate press release about the committee and Chen’s retirement, the company said Bank of America Merrill Lynch will “advise the company and the board on strategic matters, including a near-term exploration of a potential sale or change of control transaction. No assurance can be given that such a transaction will be consummated in the near term or at all.”