McAfee stated Thursday it has employed Peter Leav, the former chief executive of BMC Software, as its new CEO, ousting Chris Young, who developed the cybersecurity firm in its current form by carving it out of Intel four years ago.
The step provides McAfee the option of pursuing an initial public offering with a brand new chief. It has further considered offers in the industry, including potentially collaborating with NortonLifeLock.
Young will turn into a senior advisor at buyout agency TPG, which purchased a majority stake in McAfee from Intel in 2016 in a contract that valued the company at $4.2 billion, including debt.
Young will work with TPG on new tech investments. During Young’s regime, the firm saw mid-single-digit revenue growth
Leav previously served as prez and CEO of BMC, a business software program firm, for three years. He departed last year, a few months after the completion of private equity agency KKR & Co’s $8.5-billion buyout of the firm. He’ll assume McAfee’s office on February 3.
The global cybersecurity sector was worth $131.3 billion in 2018 and is estimated to grow at around 11% per year through to 2025, as the number of cybersecurity threats continues to rise, based on research firm Fortune Business Insights.
TPG has yet to decide on the timing or manner of its exit from McAfee, in accordance with a person familiar with the matter.
In November, NortonLifeLock, previously called Symantec, sold its enterprise business, serving different companies to chip manufacturer Broadcom for $10.7 billion.