Gil Shwed, former Chief Executive of Network security provider Check Point Software Technologies, speaks during the annual Cyberweek conference at Tel Aviv University, Israel, June 20, 2016

Gil Shwed, one of Israel’s wealthiest entrepreneurs, announced his retirement on Tuesday, bringing an end to his 30-year tenure as CEO of Check Point, an Israeli software firm.

“This year Check Point celebrated 30 years since its establishment, in which we managed to generate growth and reached a peak in almost every parameter. I feel that this is the right time for me to focus on Check Point’s next leap,” Shwed, 56, said. “We are now looking for a replacement for the position of CEO. It’s a process that will take time and even when it ends I will remain involved. I want to focus less on the daily work, and more on the future of the company.”

Check Point was founded in 1993 by Shwed, Shlomo Kramer, and Marius Nacht. Shwed and Kramer were friends from their time together in Israel’s elite cyber unit 8200.

The company provides AI-powered advanced software and hardware for cyber security to more than 100,000 customers globally, bringing in more than $2 billion per year in revenue.

Headquartered in Tel Aviv and publicly traded on the NASDAQ, Check Point has a market cap of more than $19 billion dollars, making it Israel’s second most valuable company, $2 billion less than automobile giant Mobileye Eye. Shwed’s role as CEO has allowed him to amass a fortune of $4.4 billion due to his 20% share ownership in the company.

Shwed is also a recipient of the Israel Prize, an annual award given to Israelis who have shown a high level of excellence in their specific fields. Shwed was given the first award in the technology field when it was introduced in 2018.