Avast CEO to step down; annual results miss expectations

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 per cent to US$447.7 million, in the year ended Dec 31.Analysts' on average had estimated core earnings of US$450.01 million on revenue of US$819.16 million, according to Refinitiv Eikon data.

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