INTERNATIONAL - McAfee told Reuters on Thursday it has hired Peter Leav, the former Chief Executive of BMC Software, as its new Chief Executive, 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. It has also considered deals in the sector, including potentially merging with NortonLifeLock.
Young will become a senior advisor at buyout firm TPG, which acquired a majority stake in McAfee from Intel in 2016 in a deal which valued the company at $4.2 billion, including debt. Young will work with TPG on new technology investments.
During Young’s tenure, the company saw mid-single digit revenue growth, according to a person familiar with the matter.
Leav previously served as president and Chief Executive of BMC, a business software firm, for three years. 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 Chief Executive on Feb. 3.