JERUSALEM, July 24 (Reuters) - Check Point Software

Technologies ( CHKP ) on Wednesday said that industry veteran

Nadav Zafrir will become its new chief executive starting in

December.

Gil Shwed, current CEO and founder, will become executive

chairman, it said. Zafrir will join Check Point's board of

directors pending shareholder approval.

The Israeli-based company reported estimate-beating second-

quarter results on Wednesday.

Adjusted earnings per share was up 8% to $2.17, on revenue

of $627 million, an increase of 7%. Both figures were in line

with analysts' forecasts which called for a profit of $2.16 per

share on revenue of $623 million, LSEG data showed.

Zafrir co-founded Israeli venture group Team8, which invests

in cyber security, data & AI, fintech and digital health. He has

built, invested and chaired 17 cyber security companies, Check

Point said. He is also chairman of smart energy company

SolarEdge Technologies ( SEDG ).

Shwed said he chose his replacement after a long search

process that spanned the globe.

"We are very different and very complimentary to each

other," Shwed told reporters. "I wasn't looking for someone to

be my double, to continue doing things as I do."

"I want a change, and I want a change at Check Point," Shwed

said.

The company also said it was expanding its share buyback

program by $2 billion. It bought approximately 2.1 million

shares at a cost of about $325 million in the second quarter,

and will be authorised to continue buying up to that amount each

quarter, it said.