Cyber security co McAfee gets a new CEO, Intel retains 49% stake

New McAfee
Cyber security company McAfee, whose 49 percent stake is owned by Intel, has got a new look and a new CEO.

McAfee said its products and solutions protect more than 74.9 million endpoints daily, including 87 percent of the world’s largest banks and Fortune 100 firms and more than 263 million consumer endpoints.

McAfee has more than 7,500 cyber security professionals and more than 1,200 security technology patents.

Christopher Young, previous Intel Security general manager, is the new CEO of McAfee.

McAfee, valued at $4.2 billion, said investment firm Thoma Bravo joins the company as a minority investor through an agreement with TPG.

The launch of McAfee marks the closing of the investment by TPG and Intel to establish a standalone cyber security company with access to significant capital, operational and technology resources.

Research agency Forrester says security decision makers in India (76 percent) and China (71 percent) are more concerned with privacy, compared to countries like Australia, the UK and the US, where only 43 percent, 42 percent and 50 percent of security decision makers are concerned about the potential impact privacy may have on their organizations respectively.

“At Intel, hardware and software will work together to solve growing cybersecurity challenges. I am excited to see this ecosystem build momentum,” said Doug Fisher, senior vice president and general manager of the Software and Services Group (SSG) at Intel Corporation.

By 2020, Intel estimates that 200 billion smart objects will be part of the Internet of Things1 (IoT).

McAfee will apply greater market focus, build its platform and target new financial, operational and technology investments to address the cybersecurity market’s growth opportunity.

Intel Senior Vice President and General Manager Chris Young will lead the new McAfee as CEO. TPG Partner Bryan Taylor has been named Chairman of the Board.

“Cybersecurity is the greatest challenge of the connected age, weighing heavily on the minds of parents, executives and world leaders alike,” said Christopher Young, CEO of McAfee.

Intel CEO Brian Krzanich said: “Security remains important to Intel, and in addition to our equity position and ongoing collaboration with McAfee, Intel will continue to integrate industry-leading security and privacy capabilities in our products from the cloud to billions of smart, connected computing devices.”