Palo Alto Networks (NASDAQ: PANW) announced that founder and Chief Technology Officer Nir Zuk has retired after more than 20 years with the cybersecurity company. Lee Klarich, the company's Chief Product Officer, will assume the CTO role and join the board of directors.

Zuk founded Palo Alto Networks in 2005 and developed the next-generation firewall technology. The company stated that Klarich joined the organization in 2006 and has served as Chief Product Officer, leading product strategy and innovation.

In his new role as Chief Product and Technology Officer, Klarich will oversee the company's technology vision and lead product and engineering teams. The company said his appointment to the board maintains technical expertise at senior levels.

Chairman and CEO Nikesh Arora described Zuk as "a legend in cybersecurity" and credited Klarich as "the architect turning that foundational vision into the platforms that define us today." Lead independent director John Donovan said Klarich's technical expertise and leadership experience make him suited for the role.

Zuk stated he is stepping away to pursue new challenges and expressed confidence in the company's leadership transition. He referenced the company's recent intent to acquire CyberArk as evidence of its continued ambition in the cybersecurity market.

The leadership change comes as Palo Alto Networks continues to focus on AI-powered security solutions and platform integration. The company reports serving more than 70,000 organizations worldwide with its cybersecurity products and services.