Menu
McAfee hires new CEO

McAfee hires new CEO

The move gives McAfee the option of pursuing an initial public offering with a new leader

McAfee Chief Executive Officer Christopher Young delivers a keynote speech at the Mobile World Congress in Barcelona, Spain, February 27, 2018. REUTERS/Sergio Perez

McAfee Chief Executive Officer Christopher Young delivers a keynote speech at the Mobile World Congress in Barcelona, Spain, February 27, 2018. REUTERS/Sergio Perez

Credit: REUTERS/Sergio Perez

McAfee has hired Peter Leav, the former CEO of BMC Software, as its new CEO, replacing Chris Young, who created the cyber security company in its current form by carving it out of Intel four years ago.

The move gives McAfee the option of pursuing an initial public offering with a new leader. It has also considered deals in the sector, including potentially merging with NortonLifeLock Inc.

Young will become a senior advisor at buyout firm TPG, which acquired a majority stake in McAfee from Intel in 2016 in a deal which valued the company at US$4.2 billion, including debt. Young will work with TPG on new technology investments.

During Young's tenure, the company saw mid-single digit revenue growth, according to a person familiar with the matter.

Leav previously served as president and CEO of BMC, a business software firm, for three years. He left in 2019, a few months after the completion of private equity firm KKR & Co's US$8.5-billion buyout of the company. He will start as McAfee CEO on Feb. 3.

"Peter has exactly the right mix of experience and expertise to lead McAfee in its next phase of growth," said TPG co-CEO and McAfee Chairman Jon Winkelried.

The global cyber security industry was valued at US$116.5 billion in 2018, and is forecast to grow around 11 per cent per year through to 2025, as the number of cyber security threats continues to rise, according to research firm Grand View Research.

TPG has yet to make a decision on the timing or manner of its exit from McAfee, according to a person familiar with the matter.

In the last few years, McAfee has managed to grow its main cyber security software business, which focuses on consumers, through price increases, new partner programs and good retention rates, according credit ratings agency Moody's Investors Service Inc. This growth has been partially offset, however, by weakness in its business of serving other companies, which remains competitive, according to Moody's.

In November, NortonLifeLock, previously called Symantec, sold its enterprise business serving other companies to chip maker Broadcom Inc for US$10.7 billion.

(Reporting by Jessica DiNapoli and Joshua Franklin in New York; Editing by Nick Zieminski)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags mcafee

Brand Post

Featured

Slideshows

Reseller News Platinum Club celebrates leading partners in 2019

Reseller News Platinum Club celebrates leading partners in 2019

The leading players of the New Zealand channel came together to celebrate a year of achievement at the annual Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months.

Reseller News Platinum Club celebrates leading partners in 2019
Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosted its second annual alumnae breakfast for the Women in ICT Awards in New Zealand, designed to showcase the leading female leaders in the industry. Held at The Cordis in Auckland, attendees came together to hear inspiring keynotes and panel discussions, alongside high-level networking among peers. Photos by Gino Demeer.

Reseller News hosts alumnae breakfast for Women in ICT Awards
Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Show Comments