McAfee LLC has hired Peter Leav, the former CEO of BMC Software, as its new CEO, replacing Chris Young, who created the cyber security company in its current form by carving it out of Intel Corp four years ago.
The move gives MCAfee the option of pursuing an initial public offering with a new leader. Leav previously served as president and CEO of BMC, a business .. software firm, for threeyears.
He left in 2019, a few months after the completion of private equity firm KKR & Co’s $8.5-billion buyout of the company He will start as McAfee CEO on Feb. 3.’
The global cyber security industry was valued at $116.5 billion in 2018, and is forecast to grow around 11% per year through to 2025, as the number of cyber security threats continues to rise, according to research firm Grand View Research.
In the last few years, McAfee has managed to grow its main cyber security software business, which focuses on consumers through price increases, new partner programs and good retention rates, according credit ratings agency Moody’s Investors Service Inc .
This growth has been partially offset, however, by weakness in its business of serving other companies, which remains competitive, according to Moody’s.