F5 Networks has settled on an internal executive, Manny Rivelo, to replace retiring CEO John McAdam.

The company made the announcement Wednesday afternoon along with its second-quarter earnings. McAdam had announced last fall that he intended to retire in September, around the end of F5's fiscal 2015, but today's release bumps the handoff date to July 1.

McAdam will become chairman of the board at that point, replacing Al Higginson, an independent director who's been on the board since 2004.

Rivelo, F5's executive vice president of strategic solutions, joined in 2011 from Cisco, where he was senior vice president of engineering systems and operations.

For its second quarter, which ended March 31, F5 reported revenues of $472 million and net income of $85.7 million, or $1.18 per share, compared with revenues of $420 million and net income of $69.6 million, or 91 cents per share, for the same quarter a year ago.

Non-GAAP net income of $1.59 per share beat the analyst consensus of $1.50, according to Thomson Financial.

F5 shares were down $3.42 (3%) at $117 in early after-hours trading.