Check Point CEO: Moody’s negative report 'should definitely worry us'

On Wednesday Check Point CEO and co-founder Gil Shwed made an uncharacteristic statement regarding Israel’s current political climate.

"For years we fought for the registration of our activity in Israel and we have been here for 30 years, but I don't know if this is what would have happened today," he said. "Neither on the economic side nor on the political side."

Shwed said this during a press conference held after the release of the company’s Q2 2023 financial reports. The company ended the quarter with revenues of $589 million and surpassed $30 billion in cumulative revenue since its establishment in 1993.

First time CEO of a leading company expressed an opinion

This is the first time that the leading tech company’s CEO has revealed his stance on the current Israeli government’s controversial judicial reform.

"I have been keeping my opinions to myself for 30 years. I wish that if I voiced my opinion it would make a difference to someone, unfortunately, it will not have an effect," he said.

He also expressed the difficulty presented by the nationally polarizing legislation.

"The recent events are difficult for all of us, we see the rift in Israeli society and it hurts us all. I am focused on ensuring that this rift will not be part of Check Point. It is not easy, but we succeed because we leave politics out of the company,” he said. “Our employees can demonstrate and participate, and we are in favor of democracy, but this is the line we decided on a long time ago. There were employees who came and said 'thank you for making it possible to work in a pleasant environment.' That way we can accommodate everyone."

On Tuesday, renowned credit rating agency Moody’s released an unexpected special report on Israel’s economy following the passing of the judicial reform’s first bill. The agency warned investors that there is a “significant risk” of increased social and political tension in the wake of the legislation’s passing.

Shwed referred to Moody’s report, stating that “This should definitely worry us.”

“The Israeli economy is very important to us, and when there is a negative recommendation, it is not good,” he added. “We should be concerned and hope that the situation will change."