Shares in Palo Alto Networks (PANW – Get Report) fell sharply on Friday following news of a management departure.
The shares of the security company ended down $ 15.36, or 7%, to $ 199.25 after a report that the sales manager resigned after three years on the job.
Dave Peranich served as Executive Vice President of Worldwide Sales at the firm, and played a major role in increasing the firm's revenue to $ 2.3 billion as of fiscal 2018. Palo Alto Networks confirmed his departure for The Information, saying a search after his replacement is in progress.
Peranich will continue through the end of September, the company said. Year-to-date, the shares in Palo Alto Networks have increased by 1
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