The founder and chief technology officer of Palo Alto Networks, Nir Zuk, has retired from the company after leading it for over 20 years.
According to a press release by the company, Zuk will be replaced by Lee Klarich, who has been the company’s chief product officer since 2017 and a team member since 2006. Klarich will now serve both as a member of the Board of Directors and as CTO where he will “continue the company’s leadership in AI and platformization and deliver the real-time, AI-driven security customers required to enable their digital and AI transformations.”
Zuk founded Palo Alto Networks in 2005, pioneering the next-generation firewall and revolutionizing the cybersecurity industry. Since 2019, the company has completed more than 14 acquisitions, including at least seven in the past two years, to bolster its cloud and AI security capabilities.
At the end of July, Palo Alto announced its intent to acquire CyberArk, another Israeli cybersecurity company, for $25 billion.
“I started Palo Alto Networks with a radical idea and the conviction to challenge a stagnant industry with a cybersecurity platform. Our vision has always been to lead from the front, and our recent intent to acquire CyberArk is a testament to that enduring ambition,” Zuk said.
“With the most comprehensive security portfolio today, I am confident in Nikesh’s leadership and thrilled to pass the torch to Lee Klarich. He is a phenomenal technologist who will carry that competitive fire into our next chapter. This has been an incredible journey, and I leave with deep satisfaction, knowing the company we built together is stronger than ever.”
Ten billion dollars in revenue
The company projected annual revenue between $10.48 billion and $10.53 billion, above analysts’ average estimate of $10.43 billion, according to data compiled by LSEG.
It expects adjusted profit per share of $3.75 to $3.85, above estimates of $3.67 for the fiscal year.
The company’s first-quarter revenue forecast of $2.45 billion. to $2.47 b. came in above expectations of $2.43 b. Its adjusted quarterly earnings per share of 88-90 cents was also above estimates of 85 cents.
Palo Alto’s fourth-quarter revenue grew 16% to $2.54 billion from a year ago. It reported adjusted EPS of 95 cents for the quarter ended July 31, beating estimates of 88 cents.
Reuters contributed to this report.