Israeli cyber security firm Check Point Q4 profit up, CEO to move to executive chairman

Check Point Software Technologies

06/02/2024 10:25

JERUSALEM, Feb 6 (Reuters) - Check Point Software
Technologies  CHKP.O  on Tuesday beat fourth-quarter profit
expectations and announced CEO Gil Shwed plans transition into
the role of executive chairman.
    The Israeli-based company reported $2.57 per diluted share
excluding one-off items for the October-December quarter, up 5%
from $2.45 a year earlier. Revenue grew 4% to $664 million.
    That beat the $2.48 a share on revenue of $661.5 million
expected by analysts, LSEG data from Refinitiv showed.
    Check Point said it bought back 2.2 million shares in the
quarter, worth $313 million, as part of an ongoing $2 billion
share buyback programme.
    "I feel it is the right time for me to focus on the
evolution of Check Point and its next stage. I intend to
transition into the role of executive chairman charting the
future of Check Point and the cyber security market," Shwed said
in a statement.
    "We’re initiating the succession process to hire a new CEO,
and once completed I will transition into my new position as
executive chairman."
    

 (Reporting by Steven Scheer; editing by Jason Neely)
 ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters
Messaging: Twitter: @StevenMScheer))