CEO of cyber security PLC Avast to retire
The CEO of European cyber security giant Avast has announced his intention to retire.
Vince Steckler led the global company, which is headquartered in Prague and operates from UK bases in London and Lincoln, through an IPO last year.
The IPO valued Avast at more than $3 billion and was the largest European technology float to date.
Steckler will step down from the board and as CEO on 30th June 2019. He will be succeeded as CEO by Ondrej Vlcek, currently president of the company’s consumer business, and Steckler's 10-year partner in driving the company's success.
The announcement to the London Stock Exchange following the publication of the business’ first annual results since floating last May. Revenue rose 24 per cent from $652.9m (£498m) to $808.3m, while operating profit doubled from $124.3m to $248.3m.
The share price currently stands at around £3, which is 50p higher than when Avast debuted on the stock exchange.
"I am immensely proud of the business and vibrant culture we have built together,” said Steckler.
“I'm delighted that the board has chosen Ondrej to succeed me. Ondrej's vision and track record of delivery puts him in great stead to lead the company, and I look forward to watching it prosper."
Steckler will remain available in an advisory capacity to the company until 30th June 2020 to ensure a smooth transition process.
Vlcek was unanimously elected and appointed by the board following a succession process led by the chairman John Schwarz and the nomination committee, with advice from executive search firm Russell Reynolds.
Vlcek was part of the executive team that took the company public and also led the successful integration of the consumer business after the acquisition of AVG in 2016.
In his prior role as CTO, he architected Avast's cloud-based security network for the newly announced Internet of Things (IoT) security solutions and led a technology transformation of Avast from a traditional PC antivirus vendor into the leading global provider of AI-based security solutions. He said: "I'm honoured to have worked alongside Vince and wish him well in his retirement.
“I feel privileged to lead Avast having seen it grow from a small local player to one of the world's leading cybersecurity companies and am optimistic about what lies ahead for the business.
“The need for security in our digital lives is more important than ever."
Avast has 1,700 employees across the globe and more than 435 million users worldwide.