Fastly names Richard Wong as new CFO, promotes Scott Lovett

SAN FRANCISCO - Fastly, Inc. (NYSE:FSLY), a provider of edge cloud platforms with annual revenue of $555 million, announced Wednesday that Richard "Rich" Wong will join the company as Chief Financial Officer effective August 11, 2025, replacing Ronald W. Kisling who is departing to pursue other opportunities. According to InvestingPro data, the company operates with moderate debt levels and faces profitability challenges in the current fiscal year.

Wong brings nearly three decades of finance leadership experience from both public technology companies and investment banks. He most recently served as CFO at Benchling, a vertical SaaS company, where he helped scale revenue, launch new products, and expand internationally. His previous roles include CFO at Houzz Inc. and senior finance positions at LinkedIn and Yahoo!, following earlier career experience at JP Morgan and Banc of America Securities. Wong joins Fastly as the company, currently valued at approximately $947 million in market capitalization, has seen its stock decline by 36% over the past six months.

Kisling will remain with Fastly in an advisory capacity through September 15, 2025, to facilitate the transition.

In a concurrent leadership change, the company has promoted Scott R. Lovett from Chief Revenue Officer to President, Go to Market, effective immediately. In this newly created position, Lovett will oversee both the revenue and marketing organizations, with Chief Marketing Officer Albert Thong now reporting to him.

"Rich has a well-earned reputation as a builder with experience in growing high-performing teams in rapidly scaling environments," said David Hornik, Chairperson of Fastly’s Board of Directors, in a press release statement.

Wong holds an MBA from Northwestern University’s Kellogg School of Management and a Bachelor of Science in Business Administration from the University of California, Berkeley.

Fastly CEO Kip Compton stated that bringing the revenue and marketing organizations together under Lovett’s leadership aims to drive "tighter internal alignment across critical customer-centric teams."

Fastly provides edge computing, delivery, security, and observability services to help companies deliver online experiences. While the company maintains a healthy gross profit margin of 54%, InvestingPro analysis indicates the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which offers deep-dive analysis of 1,400+ US stocks.

In other recent news, Fastly, Inc. has reported notable developments in its financial and leadership areas. The company surpassed first-quarter earnings expectations, driven by gains among its top 10 customers, which contributed approximately 70% of the quarter-over-quarter revenue growth. Despite this, DA Davidson adjusted its price target on Fastly to $6.50, expressing concerns over the company’s year-over-year security growth of only 7% and a decline in long-term net revenue retention to 100%. In contrast, Piper Sandler raised its price target to $7.00, citing Fastly’s largest financial beat in over two years and improvements in its go-to-market strategy.

In leadership changes, Fastly appointed Kip Compton as the new CEO, succeeding Todd Nightingale, who will remain as an advisor until June 2025. Additionally, the company strengthened its executive team with the appointments of Albert Thong as Chief Marketing Officer and Tara Seracka as Chief Legal Officer. Seracka brings nearly two decades of legal experience, particularly in B2B SaaS and software companies. These strategic leadership enhancements aim to bolster Fastly’s position in the competitive tech industry.

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