The CEO will step aside at the end of June after 10 years in the company.
Vince Steckler, the Chief Executive of Avast, is set to retire. He was instrumental in developing the cybersecurity company and made it a global brand. Steckler will hand over his position on the board of directors. He is stated to have said that he has “partnered” and worked closely with Vlcek to grow the business from under $20 million to more than $800 million.
After the retirement, he will remain available in an advisory capacity for another year. When asked of plans to re-enter an active corporate role, he said, he has no plans of going back to an executive position in the company.
Meanwhile, the market has responded strongly to this news. The shares of Avast, which had risen about 24%, were trading down 6% at 289.5 pence at 1216 GMT. Morgan Stanley analysts are saying the CEO transition could be a concern for investors.
Avast is a security company using next-gen technologies to prevent cyber-attacks. It has a cloud-based machine learning engine that receives a constant stream of data from millions of users. This provides quick learning and makes artificial intelligence engine smarter and faster.