Check Point CEO and founder Gil Shvaid Transitions to Chairman Role after 30years

At a recent press conference following the release of Check Point's quarterly report, Gil Shvaid, one of the founders of Check Point and its longstanding CEO, announced his departure from the CEO position after more than 30 years of service. Shvid will be stepping into the role of chairman, emphasizing his commitment to remain actively involved in the company's future endeavors.

Shvaid clarified that while he is relinquishing his CEO title, he is not retiring from the company. Instead, he aims to take on the role of an "active chairman," focusing on shaping Check Point's trajectory and contributing to the advancement of the cybersecurity industry as a whole. He expressed his enthusiasm for this transition, emphasizing his desire to shift focus from daily operations to long-term strategic planning.

Reflecting on Check Point's 30-year journey since its inception, Shvid highlighted the company's substantial growth and achievements across various metrics. He believes that now is an opportune moment to steer the company towards its next phase of development. In light of his departure, Check Point is initiating the search for a new CEO, a process expected to unfold over time. Shvaid affirmed his continued involvement in the company, even after a new CEO is appointed.

Looking ahead to 2024, Shvaid conveyed optimism about Check Point's technological prospects and the dedication of its global team to safeguarding customers in an increasingly complex cyber landscape. Notably, Check Point's fourth-quarter results surpassed analysts' expectations, with revenues totaling $664 million, a 4% increase compared to the previous year's corresponding quarter. Adjusted profit per share stood at $2.57, exceeding market projections of $2.48.

Having co-founded Check Point in 1993 alongside Marius Necht and Shlomo Kramer, Shvaid has been instrumental in steering the company to a valuation of approximately $19 billion. Throughout his tenure, he has been recognized with prestigious accolades, including the Israel Prize, solidifying his stature as a prominent figure in Israeli high-tech and the global cybersecurity arena.