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AVG Technologies Announces Change to Executive Leadership Team
March 2013 by Marc Jacob
AVG Technologies N.V. announced that J.R. Smith has resigned as CEO and will become a member of the Supervisory Board. He will remain as CEO until a successor is named. Day-to-day operations continue to be the responsibility of Chief Operating Officer, John Giamatteo, who has been in this role since 2011. The Company has retained SPMB, a leading executive search firm, to find a successor. The search will include a full review of both internal and external candidates.
“J.R. has been a visionary leader for AVG. He transformed the company from a small European antivirus company to a successful publicly traded global leader in PC and mobile solutions,” said Dale Fuller, Chairman of the Supervisory Board of AVG. “The board is grateful to J.R. for his leadership and valuable contributions. We look forward to his role as Supervisory Board member.”
“During my six years as CEO I am proud of what we’ve accomplished: substantially growing the customer base, delivering strong financial performance, successfully leading our IPO and building a world class business and management team,” said JR Smith, CEO. “Having grown the company to this stage, I feel the time is right to turn over the reins. I am looking forward to continuing to contribute as a member of the Supervisory Board knowing that the company is well positioned for future success.”
AVG has reported five quarters of strong growth since becoming a publicly traded company. Revenue for the fourth quarter of 2012 was $95.2 million, compared with $74.3 million in the fourth quarter of 2011, an increase of 28 percent. For the fiscal year 2012 revenue was $356.0 million, compared with $272.4 million in 2011, an increase of 31 percent. User numbers were 146 million at December 31, 2012, an increase of 38 million, or 35 percent, compared with the prior year. AVG generated $119.3 million in cash from operating activities in fiscal year 2012, compared to $82.9 million in 2011.
