WatchGuard’s Prakash Panjwani To Exit CEO Role For ‘Next Chapter’

After expanding WatchGuard into an MSP-friendly cybersecurity platform player over the past decade, Panjwani — who is stepping down as part of a planned CEO transition — tells CRN the company is ‘on a great trajectory.’

After spearheading a massive expansion at WatchGuard Technologies over the past decade — evolving the company from a firewall vendor into an MSP-friendly provider of a broad cybersecurity platform — Prakash Panjwani is stepping down as WatchGuard CEO as part of a planned transition.

In an exclusive interview with CRN, Panjwani said that he made the tough decision to exit as CEO in order to pursue his “next chapter,” which he expects will take him outside the cybersecurity sector. He will remain involved with WatchGuard as a board member and strategic advisor.

WatchGuard disclosed that Vats Srivatsan — an operating partner at the company’s majority owner, Vector Capital — has been named interim CEO while the vendor searches for a permanent chief executive.

Srivatsan will assume the interim CEO role at WatchGuard as of May 14 and will also serve on the company's board. He previously held C-level roles at major cybersecurity vendors, including serving as COO of SentinelOne and as chief strategy officer at Palo Alto Networks.

Platform Expansion

MSP partners who spoke with CRN applauded Panjwani’s leadership at WatchGuard, crediting him with transforming the security vendor since joining as CEO in 2015.

While formerly known largely as a firewall vendor, Panjwani led the expansion of the WatchGuard platform into key segments such as endpoint protection, identity security and network detection and response, in part through a series of six acquisitions.

Most recently, WatchGuard expanded into the fast-growing MDR (managed detection and response) market in October 2024, with an offering that was bolstered by the acquisition of MDR services provider ActZero in January.

Panjwani said that the moves all stemmed from a realization early in his tenure — that partners were both the “biggest strength” for WatchGuard and also “hungry for more” from the company.

“And so we embarked on this strategy to broaden the portfolio,” he said. “That's when [we got] this notion of, 'Why don't we put together a platform for the MSPs that is just entirely security-focused?’”

During the 10 years that followed, WatchGuard grew from working with several hundred partners to having more than 17,000 reseller and service provider partners today. The increased emphasis on the channel, in turn, helped enable the company to more than triple its annual recurring revenue since 2015, Panjwani said.

“The growth we have had is because those MSPs have appreciated that we built [this platform] with them in mind,” he said.

‘Transformational’ Leadership

Without a doubt, Panjwani has overseen an “incredible journey” at WatchGuard over the past decade that has created major opportunities for MSPs, according to Don Gulling, president and CEO of Verteks Consulting, a longtime WatchGuard partner based in Ocala, Fla.

From the get-go, Panjwani made it clear that he was committed to working closely with partners, recognizing that WatchGuard and MSPs were undoubtedly “vital to each other’s success,” Gulling said.

And there has indeed been a lot of success over the years, he said. “Prakash really has been transformational to me and my business and my clients — and in my view, to the whole MSP cybersecurity space,” Gulling said.

There’s no question Panjwani has made a number of smart moves along the way, including when it has come to M&A, said Neil Holme, founder and CEO of Impact Business Technology, a Sandy Hook, Conn.-based WatchGuard partner. The recent deal for ActZero, for instance, has enabled WatchGuard to be “extraordinarily well positioned” for future growth in MDR, Holme said.

All in all, “they've grown tremendously [and become] a full-stack security provider, which has been a great journey,” he said.

The MSP executives said that while Panjwani will be missed, they are encouraged by having an experienced cybersecurity executive like Vector Capital’s Srivatsan at the helm as interim CEO.

Panjwani said that Srivatsan is a “perfect fit” for taking on the interim CEO role and helped to provide assurance of a smooth transition. Private equity firm Vector Capital has owned a majority stake in WatchGuard since its investment into the company in April 2022.

‘Giving Back’

Panjwani had joined WatchGuard after spending more than two decades in the IT and security sector including serving as CEO of SafeNet. His tenure has seen Seattle-based WatchGuard grow to a staff of 1,200, up from 430 employees when he joined.

The decision now to step away, Panjwani said, has been driven in large part by a desire to contribute in other areas he is passionate about such as education.

When it comes to WatchGuard, “I love this place, love the job, love our partners — but you also get to a point where you start to think about your next chapter,” he said. “I have so many personal things I want to achieve, and really, it's about giving back.”

For instance, while there is an enormous emphasis placed on college education in the U.S., there are huge gaps when it comes to helping students at earlier levels — such as in middle school — to gain the knowledge and skills they’ll need to be successful in higher education, he said.

“What can I do in that space? I don't know yet,” Panjwani said. “Part of this [move] is for me to look at those ideas and see, ‘How can I get involved?’”

Before he begins pursuing what’s next, however, Panjwani said he plans to take a few months off to do a “hard reset.” He also expects to remain active in terms of advising WatchGuard executives, including its new interim CEO.

Ultimately, Panjwani said, “I think this company is on a great trajectory — and under new leadership, [could] even accelerate some of the things that we've been trying to do.”