Gil Schwid, CEO of cybersecurity firm Check Point, announced his intention to step down from his position in 2023. This news comes after a significant decrease in the cost of his awards from $26.1 million in 2021 to $17.9 million in 2023, which was published in Check Point’s extended report (20F) for 2023. Despite the decrease, Schwid waived salary and bonuses except for the statutory minimum, and the majority of his reward was in the form of an equity allocation.

Compared to previous years, Schwid’s awards cost significantly less than those received by four other senior executives at Check Point in 2023, ranging from $1.8 million to $6.2 million. Over the past decade, Schwid has received awards with a cumulative cost of $314.7 million, most of which was in equity. In addition to Schwid, four other senior executives at Check Point received annual bonuses ranging from $1.8 million to $6.2 million in 2023.

Schwid currently owns more than a quarter of Check Point’s stock, valued at nearly $4.9 billion, and the company is traded on the Nasdaq at a valuation of $19.2 billion with no other interested parties other than Schwid himself. The report also indicates that the number of employees at Check Point will grow by about 7% in 2023 to 6,450, with most employees dealing with marketing, sales, business development, research and development, support, information systems, management finance and operations

By Samantha Johnson

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