Gil Shvid’s salary cost came in at $18 million, slightly less than expected, but still substantial

Gil Shvid, CEO of cyber security company Check Point, has announced his intention to retire from his position. In 2023, he received rewards worth $17.9 million, which was a decrease compared to previous years. The data was published in Check Point’s extended report (20F) for 2023. Shvid waived his salary and bonus except for the minimum required by law, and the main part of his rewards was in the form of capital allocation.

For comparison, in 2022, Shvid’s rewards cost $22.6 million and in 2021 it was $26.1 million. Over the last decade, he has received rewards with a cumulative cost of 314.7 million dollars, most of which were equity awards. Shvid announced his intention to transition to the role of active chairman after 30 years as CEO.

In addition to Shvid, four other senior executives at Check Point also received annual bonuses in 2023 at a cost ranging from $1.8 million to $6.2 million each. Shvid currently owns more than a quarter of Check Point’s shares valued at almost 4.9 billion dollars with no other interested parties besides him on Nasdaq trading at a value of 19 billion dollars with no other interested parties besides him.

The report indicates that the number of Check Point employees increased by about 7% in 2023 to 6450 with about 58% working outside Israel in marketing sales business development research and development support information systems management finance and operations.

In addition to their salaries, Check Point employees exercised options worth $59 million in intrinsic value and held over five million exercisable options at the end of the year with a benefit totaling over $1 billion.

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By Sophia Gonzalez

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