AVG CEO resigns, moves to supervisory position

JR Smith has resigned from his position and taken up a supervisory role within the company.

AVG CEO's JR Smith has resigned from his position as the company's head.

In a conference call with investors, Smith said that the decision was tough, but he would still remain with the company in a supervisory position.

"I'm really looking forward to this next phase of the company's growth, and my ability to help it continue to do that. I'm really happy that I'm not saying goodbye to the company, but again, this is the right time for me to move to that position," Smith said in the call.

Aside from stating that it was the right time to move on, Smith did not elaborate on his reasons for leaving.

Smith had seen the company through a major transition when it went public on the New York Stock Exchange in February last year. At the time, its initial public offering was for 8 million shares, valued at US$16 per share.

While it closed at US$13.09 on February 3, it was valued at US$15.51 yesterday.

In the meantime, Smith said that he would stay on as CEO for as long as it took the company to find a suitable replacement.

"As you can imagine, we do have a search going on, looking for someone as we speak," Smith said.

"It's going to be the right person with the right skills who's going to fit in with the organisation."

Chief operating officer John Giamatteo will continue to watch over the company's day-to-day operations.