March 13, 2019 / 7:19 AM / in 5 months

Avast CEO to step down; annual results miss expectations

March 13 (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 percent to $447.7 million, in the year ended Dec. 31. Adjusted revenue, excluding discontinued business, rose 9.5 percent to $811.5 million.

Analysts’ on average had estimated core earnings of $450.01 million on revenue of $819.16 million, according to Refinitiv Eikon data. (Reporting by Arathy S Nair in Bengaluru Editing by Saumyadeb Chakrabarty)

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