Gil Shwed raises Check Point stake to 18.9%

Gil Shwed

The company's CEO, Shwed is paid only the minimum wage, but receives generous remuneration in shares.

While Check Point Software Technologies Ltd. (Nasdaq: CHKP) chairperson Marius Nacht was selling shares in the company for over $500 million over the past year, his cofounder, CEO Gil Shwed, went on fortifying his position as the company's leading shareholder.

At the end of 2017, Shwed had 31.1 million Check Point shares, 2.2% more than the number he had at the end of the preceding year, after increasing his stake from 17.8% of Check Point's share capital to 18.9%. The proportion of Shwed's holding also rose because of the decrease in the total number of Check Point shares resulting from the company's extensive buyback program, on which it spent $1 billion in 2017. Shwed has gone without a salary as CEO for years, except for the legal minimum wage, but has received general capital remuneration.

Check Point's market cap is $16.5 billion, which makes the current value of Schwed's shares over $3.1 billion. Check Points current share price of $101 is about the same as it was a year ago.

The share price rose to over $119 last October, then fell back. Check Point recently published its 2017 financial statements, in which it reported $1.85 billion in revenue, a 6.5% increase, and an $888 million non-GAAP net profit, an 8.5% increase.

Published by Globes [online], Israel Business News - - on February 14, 2018

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