Nadav Zafrir to take over as CEO of Israel's Check Point (updated)

Check Point Software Technologies

24/07/2024 11:37

(Adds detail, quotes)
       JERUSALEM, July 24 (Reuters) - Check Point Software
Technologies  CHKP.O  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  SEDG.O .
    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)
 ((ari.rabinovitch@thomsonreuters.com;  +972-2-632-2202; Reuters
Messaging: ari.rabinovitch@thomsonreuters.com@reuters.net))