2nd Mar 2020 11:31
(Alliance News) - Cybersecurity firm Avast PLC on Monday said Non-Executive Director Lorne Somerville will not be standing for re-election.
Somerville will leave the board of Prague-based Avast in May when its next annual general meeting is held.
Chair John Schwarz said: "Lorne has been a member of the board since CVC acquired a substantial minority stake in February 2014, and his decision follows the placing of CVC's last holding in September 2019.
"During his tenure, he made a tremendous contribution to our board. On behalf of the board, I would like to thank Lorne and wish him all the best for the future."
CVC Capital Partners is a major shareholder in Avast. Following a 10% share sale in March last year, it held just under 13%.
Avast shares were 0.5% lower on Monday morning in London at a price of 391.80 pence each.
Last week, Avast said 2019 performance met expectations. Revenue was 7.8% higher, reaching GBP871.1 million, with pretax profit rising 18% to just over USD400 million.
By George Collard; [email protected]
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