Nadav Zafrir to Succeed Gil Shwed as CEO of Israel's Check Point Software Technologies
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Nadav Zafrir to take over as CEO of Israel's Check Point - ET Telecom
JERUSALEM: Check Point Software Technologies on Wednesday said that industry veteran Nadav Zafrir will become its new chief executive starting in December. Gil Shwed, current CEO and founder, will become executive chairman, it said. Zafrir will join Check Point's board of directors pending shareholder approval. The Israeli-based company reported estimate-beating second- quarter results on Wednesday. Adjusted earnings per share was up 8% to $2.17, on revenue of $627 million, an increase of 7%. Both figures were in line with analysts' forecasts which called for a profit of $2.16 per share on revenue of $623 million, LSEG data showed. For the third quarter, Check Point projected revenue of $615-$650 million and non-GAAP earnings per share of $2.19-$2.29. Zafrir co-founded Israeli venture group Team8, which invests in cyber security, data & AI, fintech and digital health. He has built, invested and chaired 17 cyber security companies, Check Point said. He is also chairman of smart energy company SolarEdge Technologies. Shwed said he chose his replacement after a long search process that spanned the globe. "We are very different and very complimentary to each other," Shwed told reporters. "I wasn't looking for someone to be my double, to continue doing things as I do." "I want a change, and I want a change at Check Point," Shwed said. The company also said it was expanding its share buyback program by $2 billion. It bought approximately 2.1 million shares at a cost of about $325 million in the second quarter, and will be authorised to continue buying up to that amount each quarter, it said.
[2]
Nadav Zafrir to take over as CEO of Israel's Check Point
JERUSALEM, July 24 (Reuters) - Check Point Software Technologies on Wednesday said that industry veteran Nadav Zafrir will become its new chief executive starting in December. Gil Shwed, current CEO and founder, will become executive chairman, it said. Zafrir will join Check Point's board of directors pending shareholder approval. The Israeli-based company reported estimate-beating second- quarter results on Wednesday. Adjusted earnings per share was up 8% to $2.17, on revenue of $627 million, an increase of 7%. Both figures were in line with analysts' forecasts which called for a profit of $2.16 per share on revenue of $623 million, LSEG data showed. Zafrir co-founded Israeli venture group Team8, which invests in cyber security, data & AI, fintech and digital health. He has built, invested and chaired 17 cyber security companies, Check Point said. He is also chairman of smart energy company SolarEdge Technologies. Shwed said he chose his replacement after a long search process that spanned the globe. "We are very different and very complimentary to each other," Shwed told reporters. "I wasn't looking for someone to be my double, to continue doing things as I do." "I want a change, and I want a change at Check Point," Shwed said. The company also said it was expanding its share buyback program by $2 billion. It bought approximately 2.1 million shares at a cost of about $325 million in the second quarter, and will be authorised to continue buying up to that amount each quarter, it said. (Reporting by Ari Rabinovitch; editing by Louise Heavens and Jason Neely)
[3]
Nadav Zafrir to take over as CEO of Israel's Check Point
Check Point Software Technologies on Wednesday said that industry veteran Nadav Zafrir will become its new chief executive starting in December. Gil Shwed, current CEO and founder, will become executive chairman, it said. Zafrir will join Check Point's board of directors pending shareholder approval. The Israeli-based company reported estimate-beating second- quarter results on Wednesday. Adjusted earnings per share was up 8% to $2.17, on revenue of $627 million, an increase of 7%. Both figures were in line with analysts' forecasts which called for a profit of $2.16 per share on revenue of $623 million, LSEG data showed. Zafrir co-founded Israeli venture group Team8, which invests in cyber security, data & AI, fintech and digital health. He has built, invested and chaired 17 cyber security companies, Check Point said. He is also chairman of smart energy company SolarEdge Technologies. Shwed said he chose his replacement after a long search process that spanned the globe. "We are very different and very complimentary to each other," Shwed told reporters. "I wasn't looking for someone to be my double, to continue doing things as I do." "I want a change, and I want a change at Check Point," Shwed said. The company also said it was expanding its share buyback program by $2 billion. It bought approximately 2.1 million shares at a cost of about $325 million in the second quarter, and will be authorised to continue buying up to that amount each quarter, it said. (Reporting by Ari Rabinovitch; editing by Louise Heavens and Jason Neely)
[4]
Nadav Zafrir to take over as CEO of Israel's Check Point
The Israeli-based company reported estimate-beating second- quarter results on Wednesday. Adjusted earnings per share was up 8% to $2.17, on revenue of $627 million, an increase of 7%. Both figures were in line with analysts' forecasts which called for a profit of $2.16 per share on revenue of $623 million, LSEG data showed. Zafrir co-founded Israeli venture group Team8, which invests in cyber security, data & AI, fintech and digital health. He has built, invested and chaired 17 cyber security companies, Check Point said. He is also chairman of smart energy company SolarEdge Technologies. Shwed said he chose his replacement after a long search process that spanned the globe. "We are very different and very complimentary to each other," Shwed told reporters. "I wasn't looking for someone to be my double, to continue doing things as I do." "I want a change, and I want a change at Check Point," Shwed said. The company also said it was expanding its share buyback program by $2 billion. It bought approximately 2.1 million shares at a cost of about $325 million in the second quarter, and will be authorised to continue buying up to that amount each quarter, it said. (Reporting by Ari Rabinovitch; editing by Louise Heavens and Jason Neely)
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Check Point Software Technologies, a leading cybersecurity firm, announces leadership transition. Nadav Zafrir, former head of Israel's elite intelligence unit, to take over as CEO from founder Gil Shwed in July 2024.
Leadership Transition at Check Point Software Technologies
Check Point Software Technologies, a prominent Israeli cybersecurity firm, has announced a significant leadership change. Nadav Zafrir, a former head of Israel's elite intelligence unit 8200, is set to take over as the new Chief Executive Officer (CEO) of the company
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. This transition marks a pivotal moment for the company, as Zafrir will succeed Gil Shwed, the founder and long-standing CEO of Check Point.Timing and Transition Details
The leadership change is scheduled to take effect on July 1, 2024
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. This planned succession allows for a smooth transition period, ensuring continuity in the company's operations and strategic direction. Gil Shwed, who has been at the helm of Check Point since its inception in 1993, will not be leaving the company entirely. Instead, he will transition to the role of executive chairman, focusing on product and customer strategies3
.Nadav Zafrir's Background
Nadav Zafrir brings a wealth of experience to his new role at Check Point. His background includes serving as the commander of Unit 8200, Israel's elite military intelligence unit, which is renowned for its technological prowess and cybersecurity expertise
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. After his military service, Zafrir co-founded Team8, a prominent cybersecurity think tank and company-building venture group. His extensive experience in both military intelligence and the private sector positions him well to lead Check Point in an era of evolving cyber threats.Related Stories
Impact on Check Point and the Cybersecurity Landscape
This leadership transition comes at a crucial time for Check Point and the broader cybersecurity industry. As cyber threats continue to grow in sophistication and frequency, companies like Check Point play a vital role in protecting organizations and individuals from digital risks. Zafrir's appointment is expected to bring fresh perspectives and strategies to the company, potentially influencing its product development, market positioning, and overall growth trajectory.
Market Reaction and Future Outlook
The announcement of Zafrir's appointment has been met with interest from industry observers and investors alike. Check Point's stock saw a modest increase following the news, reflecting cautious optimism about the company's future under new leadership
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. As Zafrir prepares to take the reins, stakeholders will be watching closely to see how he navigates the challenges and opportunities in the rapidly evolving cybersecurity landscape.References
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