( Reuters) – McAfee LLC told Reuters on Thursday it has actually worked with Peter Leav, the previous CEO of BMC Software, as its new CEO, replacing Chris Young, who developed the cyber security company in its existing type by carving it out of Intel Corp four years ago.
FILE IMAGE: McAfee Chief Executive Officer Christopher Young delivers a keynote speech at the Mobile World Congress in Barcelona, Spain, February 27,2018 REUTERS/Sergio Perez
The relocation gives McAfee the option of pursuing an initial public offering with a brand-new leader. It has also thought about deals in the sector, including potentially combining with NortonLifeLock Inc.
Young will become a senior advisor at buyout company TPG, which obtained a bulk stake in McAfee from Intel Corp in 2016 in an offer which valued the company at $4.2 billion, consisting of debt. Young will deal with TPG on brand-new technology investments.
Throughout Young’s tenure, the company saw mid-single digit revenue development, according to a person familiar with the matter.
Leav formerly acted as president and CEO of BMC, a business software application firm, for 3 years. He left in 2019, a few months after the conclusion of private equity company KKR & Co’s $8.5-billion buyout of the company. He will start as McAfee CEO on Feb. 3.
” Peter has precisely the ideal mix of experience and knowledge to lead McAfee in its next stage of development,” stated TPG co-CEO and McAfee Chairman Jon Winkelried.
The international cyber security market was valued at $1165 billion in 2018, and is anticipated to grow around 11%per year through to 2025, as the variety of cyber security hazards continues to rise, according to research company Grand View Research.
TPG has yet to decide on the timing or manner of its exit from McAfee, according to a person acquainted with the matter.
In the last few years, McAfee has actually handled to grow its primary cyber security software service, which focuses on consumers, through rate increases, brand-new partner programs and good retention rates, according credit ratings company Moody’s Investors Service Inc. This growth has actually been partly offset, nevertheless, by weakness in its business of serving other business, which remains competitive, according to Moody’s.
In November, NortonLifeLock, formerly called Symantec, offered its enterprise company serving other companies to chip maker Broadcom Inc for $107 billion.
Reporting by Jessica DiNapoli and Joshua Franklin in New York City; Editing by Nick Zieminski