REUTERS: Vince Steckler, the long-time chief executive of Avast who helped to develop the cyber security company, is to retire, overshadowing its first annual results since listing last May.
The American, who is the fourth largest shareholder in the company, will remain available in an advisory capacity for another year after his retirement. Vlcek, a 41-year-old Czech national, started at Avast in 1995 as a developer and was part of the team that took the company public, and also led the integration of the consumer business after the company bought AVG in 2016.Shares in Avast, which had risen about 24 percent since its debut, were trading down 6 percent at 289.5 pence at 1216 GMT, with Morgan Stanley analysts saying the CEO transition could be a potential concern for investors.
Its adjusted core earnings margin is expected to remain broadly flat year-on-year, as the company plans to reinvest in the business' R&D and technology.
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