Business
Check Point Software Announces New CEO & Reports Strong 2024 Second Quarter Results
Nadav Zafrir, renowned Cyber Security leader, will assume CEO role December 2024 Gil Shwed, Founder & CEO, will transition to Executive Chairman REDWOOD CITY,
About this update from Check Point Software Technologies Ltd.
[{"type":"text","content":"Nadav Zafrir, renowned Cyber Security leader, will assume CEO role December 2024 Gil Shwed, Founder & CEO, will transition to Executive Chairman REDWOOD CITY, Calif., July 24, 2024 (GLOBE NEWSWIRE) -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the second quarter ended June 30, 2024, and the appointment of Nadav Zafrir as Check Point Chief Executive Officer. Second Quarter 2024: Total Revenues: $627 million, a 7 percent increase year over yearSecurity Subscription Revenues: $272 million, a 14 percent increase year over yearGAAP Operating Income: $209 million, representing 33 percent of revenuesNon-GAAP Operating Income: $265 million, representing 42 percent of revenuesGAAP EPS: $1.74, a 3 percent increase year over yearNon-GAAP EPS: $2.17, an 8 percent increase year over year “I’m excited to share great news. Check Point delivered an outstanding second quarter as customers continued to embrace the AI driven, cloud delivered Infinity Platform to achieve the highest levels of security,” said Gil Shwed, Check Point founder and CEO. “The success of Infinity during the quarter was underscored by its double-digit growth and significant deals with Fortune Global 500 organizations.” New CEO Appointment: For the past 10 years, Nadav Zafrir has been a co-founder and managing partner at Team8, a global venture creation and venture capital fund. Team8 establishes and invests in companies focused on cyber security, Data & AI, Fintech and digital health. He built, invested and chaired 17 cyber security companies in addition to dozens of other technology companies he has consulted and mentored. He previously served 25 years in the IDF, retiring as a Brigadier General. Since 2019, he has served as Chairman of the Board of SolarEdge Technologies, a Nasdaq traded smart energy company. Mr. Zafrir will assume the CEO role in December 2024 and will join Check Point’s Board of Directors upon shareholder approval at Check Point’s next Annual General Meeting. Gil Shwed will become Executive Chairman of the Board. “We are concluding a thorough CEO search process after examining candidates from around the world and found the perfect individual. Nadav has been a key leader in the global cyber security ecosystem for over a decade. Having lived in New York and Tel Aviv, he became one of the most respecte...