Nadav Zafrir, co-founder of technology investment firm Team8 and a former commander of the IDF’s 8200 signals intelligence unit, has been appointed CEO of cybersecurity company Check Point Software Technologies (Nasdaq: CHKP). He will take up the position in December, replacing Check Point co-founder Gil Shwed, who will become chairperson of the company.
Zafrir, 53, is currently a managing partner at Team8, which invests in cybersecurity and enterprise software companies. He commanded the 8200 unit from 2005 to 2008. He is also chairperson of cybersecurity company Claroty, which specializes in security for critical installations, and since 2019 he has been joint chairperson of solar energy technology company SolarEdge (Nasdaq: SEDG).
In a letter to Check Point’s employees, Shwed wrote: "I have known Nadav for years, and I think that he is the right person to boost the company to new heights. He has experience with cybersecurity companies, from the initial stages through to international expansion, alongside working with investors"
Shwed has managed Check Point for over 30 years, ever since it was founded in 1993 by him, Shlomo Kramer, and Marius Nacht, all of whom had served in the 8200 unit. The company was floated on Nasdaq in 1996, and has acquired the status of one of the most prominent Israeli technology companies on the international stage. Five months ago, Shwed announced that he would step down in favour of a new CEO, and would switch to being executive chairperson.
In an interview after his announcement, Shwed told "Globes": "I want to move on to the next stage. Perhaps I’ll choose fewer matters and concentrate on them in depth, perhaps I’ll focus less on running the company, and more on strategic thinking."
"I am honored to join Check Point, a pioneer that shaped modern cyber security, and a hotbed for entrepreneurship," Zafrir said. "In our turbulent world, on the brink of another acceleration point as AI redefines our lives, cutting-edge cyber security is more critical than ever. Check Point is uniquely positioned to lead development of the next stage of security for our complex world. I look forward to working with the company’s accomplished leadership team and Gil to write the next chapter in Check Point’s growth."
Team8 chairperson Yuval Shachar said, "Nadav, who has been chosen to lead global cybersecurity giant Check Point forwards, has created, founded, and invested in dozens of leading companies within the framework of the fund, and recorded many successes to go with that. We are sure that Nadav will continue to lead, and look forward to seeing the next chapter in his success."
Meeanwhile, Check Point has announced a non-GAAP net profit for the second quarter of $246 million, up from $238 million in the second quarter of 2023. Revenue in the quarter was $627 million, 7% more than in the second quarter of 2023. The company has a market cap of $18.9 billion.
Published by Globes, Israel business news - en.globes.co.il - on July 24, 2024.
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