SEATTLE -- F5 Networks (Nasdaq:FFIV) announced today that Jeff Pancottine, senior vice president of corporate development and general manager of F5's security business unit, plans to resign from the company, effective March 31. Pancottine, who joined F5 as senior vice president of marketing in October 2000, will become chief executive officer of eProject, a Seattle-based developer of online portfolio and project management software.

John McAdam, F5 president and chief executive officer, said he understands Pancottine's decision but will be sorry to see him go. "Over the past five years, Jeff has been a highly-valued member of our executive team and a major contributor to the company's success. I have personally enjoyed working with him, and I wish him the best of luck as he moves on to the next stage of his career."

Following Pancottine's departure the security business unit's sales team will report directly to the regional sales managers in their respective geographies. Dan Matte, senior vice president of marketing, will assume responsibility for corporate development.

Pancottine will continue to represent the company at four brokerage firm conferences scheduled during the first half of March.

F5 Networks Inc. (Nasdaq: FFIV)