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Avast CEO to step down; annual results miss expectations

Reuters 2019-03-13 12:51:54
The logo of Avast Software company is seen at its headquarters in Prague, Czech Republic, April 12, 2018. REUTERS/David W Cerny/File Photo

(Reuters) - Cyber security firm Avast’s long-time chief executive officer is stepping down, the company said on Wednesday as it reported marginally lower-than-expected adjusted revenue and earnings in its first annual results since listing in May.

Avast said Vince Steckler plans to retire in 2019 after 10 years in the top job and will be succeeded by Ondrej Vlcek, currently president of the company’s consumer business.

Adjusted earnings before interest, tax, depreciation and amortization rose 6.7 percent to $447.7 million, in the year ended Dec. 31. Adjusted revenue, excluding discontinued business, rose 9.5 percent to $811.5 million.

Analysts’ on average had estimated core earnings of $450.01 million on revenue of $819.16 million, according to Refinitiv Eikon data.