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February 6, 2024
Gil Shwed is leaving his role as Check Point Software Technologies’ CEO to take a new position with the company.
Shwed announced his upcoming transition to executive chairman as part of Check Point’s fourth-quarter and 2023 full-year earnings. He’s been Check Point’s CEO for 30 years and also founded the company.
“In 2023, Check Point hit the 30-year milestone as a company,” he said. “We have delivered 30 years of growth and achieved record highs in almost every parameter for the year. We have an incredibly strong security platform with a super-strong team around the world and proven execution. I feel it is the right time for me to focus on the evolution of Check Point and its next stage. I intend to transition into the role of executive chairman, charting the future of Check Point and the cybersecurity market. We’re initiating the succession process to hire a new CEO, and once completed, I will transition into my new position as executive chairman. I’m excited to enter 2024 with a great technology pipeline, and a fully energized global team that is ready to deliver a bright and secure future for our customers.”
Check Point sent us the following statement when we asked about the search for a new CEO:
“There's no set timeline; Gil just announced that the process to find a CEO has begun, that’s all. Check Point continues our dedication to our partners, with one of our main priorities in 2024 being the support and enhancement of our new channel program features.”
For fiscal year 2023, Check Point reported a 4% year-over-year increase in total revenue, exceeding $2.4 billion. Profit was $840 million, up from $797 million for the previous year.
Total revenue also grew 4% in the fourth quarter, while profit declined from $270 million for the year-ago quarter to $250 million.
“Our industry-leading artificial intelligence (AI)-powered, and cloud-delivered Infinity security platform continued to drive customer adoption and bolstered our 15% growth in security subscriptions revenues for the quarter,” Shwed said. “Our R&D organization continues to deliver industry leading threat prevention rates and innovative AI technologies, while our sales force executed a turnaround in customer engagement, delivering double-digit new business growth in the fourth quarter.”
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