Symantec, CEO has step down as company shares drops to 14%

By VARINDIA - 2019-05-14

Symantec, CEO has step down as company shares drops to 14%

Greg Clark, ceo, Symantec has step downed on Thursday and the shares price had went down more than 15% share has went down, he will be replaced by director Richard Hill on an interim basis. Hill was formerly CEO of semiconductor maker Novellus Systems, giving him experience in enterprise sales, an area where Symantec has faltered.



Clark became joined as the CEO through the post-acquisition of Bluecoat in 2016 in 2016, of which he was CEO. by replacing Michael Brown. Earlier he has worked with IBM after it acquired Dascom, a security company Clark had founded. Symantec has reported it’s fiscal fourth-quarter sales of $1.19 billion, down from $1.21 billion a year ago and below analysts’ estimates of $1.21 billion. The  company also said ,it expects first-quarter profit between 30 cents and 34 cents per share, below estimates of 40 cents per share.



The reason of Greg’s departure from the Symantec,Hill said: “He (Clark) has had issues with his father being ill and the pressure is quite high that we want to continue to deliver strong financial results and also growth on the top line for shareholders, simultaneously.” Earlier ,there are other key executives has also left the company including the chief operating officer and the chief marketing officer.



The result shows,Revenue of Symantec’s enterprise security division fell to $584 million, below estimates of $607 million. The consumer security division’s revenue of $605 million was above expectations of $601 million.




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