(Bloomberg) -- Check Point Software Technologies Ltd. has appointed venture capitalist Nadav Zafrir, a former commander of the Israeli army’s 8200 intelligence unit, as its new chief executive officer, the company announced on Wednesday.
Zafrir will take up the role at the cybersecurity company in December, pending shareholder approval. He will replace longtime CEO Gil Shwed, who will become executive chairman of the board.
Shwed co-founded Check Point in 1993, along with Shlomo Kramer and Marius Nacht, and the company has grown into one of Israel’s largest publicly traded businesses. The company, which is based in Tel Aviv and trades in New York, has a market value of almost $19 billion and says it serves more than 100,000 businesses.
Incoming CEO Zafrir is a co-founder of Israel-based venture capital company Team8, which focuses on cybersecurity and has more than $1 billion in assets under management. He served for 25 years in the Israel Defense Forces and held earlier executive positions at cybersecurity firms, Check Point said in a statement.
“In our turbulent world, on the brink of another acceleration point as AI redefines our lives, cutting-edge cybersecurity is more critical than ever,” Zafrir said in a statement.
The announcement came as the company reported second-quarter revenue of $627 million, up 7% year over year and broadly in line with analyst estimates compiled by Bloomberg. Adjusted earnings per share for the quarter were $2.17, also in line with estimates.
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