Fortinet board member William H. Bill Neukom passes away

SUNNYVALE, Calif. - Cybersecurity company Fortinet (NASDAQ:FTNT), now an $82 billion market cap leader with impressive 81% gross margins and over $6 billion in annual revenue, announced Monday the death of William H. Bill Neukom, who had served on the company’s board of directors since 2013.

Neukom, who was Microsoft’s first general counsel and later founded the World Justice Project, provided leadership and guidance during a period of significant growth for the company, according to a statement from Fortinet’s board.

"His contributions to Fortinet and to the technology industry are immeasurable, and he will be deeply missed as a friend and colleague across our entire organization," the board said in the statement.

During his career, Neukom established himself as a prominent figure in the technology sector through his work at Microsoft and later as the founder and CEO of the World Justice Project, a nonprofit organization focused on promoting the rule of law globally. His tenure at Fortinet coincided with remarkable growth, with the company’s stock delivering an 80% return over the past year. InvestingPro analysis shows the company maintains excellent financial health with strong profitability metrics.

The board’s statement highlighted Neukom’s "vision, intellect, and warmth" as well as his "integrity, accountability, and deep commitment to people and purpose."

Fortinet, which describes itself as a leader in the convergence of networking and security, offers a portfolio of cybersecurity products and services to customers worldwide.

The company did not disclose the cause of death or provide additional details about memorial arrangements in its press release statement.

In other recent news, Fortinet has reported strong first-quarter financial results for 2025, with billings, revenue, product revenue, margins, earnings per share, and cash flow exceeding both Stifel and Wall Street estimates. Despite this robust performance, Stifel has lowered its price target for Fortinet from $115 to $95, maintaining a Hold rating, citing concerns such as higher-than-expected customer churn and a sequential decline in services revenue. Conversely, KeyBanc Capital Markets has maintained an Overweight rating on Fortinet shares with a price target of $115, reflecting optimism about the company’s market position and growth prospects despite some concerns about execution capabilities. Additionally, Cantor Fitzgerald has raised its price target for Fortinet to $110 from $100, indicating improved trends and a positive outlook for the company’s Secure Access Service Edge and SecOps offerings. Fortinet has also announced enhancements to its security offerings, including the launch of the FortiMail Workspace Security suite and upgrades to its FortiDLP solution, aiming to address the increasing threat of AI-enabled cybercrime. Meanwhile, TD Cowen has identified several cybersecurity firms, including Fortinet, as potential beneficiaries of a recent Microsoft security flaw, which has affected various organizations. These developments highlight Fortinet’s ongoing efforts to expand its cybersecurity solutions and adapt to evolving threats in the industry.

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