Symantec CEO Greg Clark Declines, Shareholder 14%
The Symantec stock fell as much as 15% on Thursday after the security company said President and CEO Greg Clark has declined. The company is looking for a replacement.
Richard Hill, former CEO of Novellus Systems, was appointed as interim CEO and CEO for a statement.
" joins a new fiscal year, Greg and the board agreed that it is now the right time for transition management, and we are confident of Rick's ability to drive the company forward while working to identify a CEO of CEO, Symantec's chairman, Daniel Schulman , was stated in the statement.
Clark became CEO in 201[ads1]6 and replaced Michael Brown. Clark came to Symantec earlier that year through the acquisition of the security company Blue Coat, of which he was CEO. Earlier in his career, Clark was a general manager of IBM after purchasing Dascom, a security company founded by Clark.
In 2016, when Symantec announced that Brown was going to go down, it still had no compensation. The blue C oat voice came less than two months later.
Symantec's shares have risen less than 8% since Clark took the company's rudder, which was behind the S&P 500, which has grown 32% over the same period. Clark received $ 17.3 million in total compensation in the 2018 fiscal year, which ended in March 2018, according to an application.
Also on Thursday, Symantec reported revenue for the fourth quarter of the fiscal year 2019, which ended March 29. The company said it had 39 cents in earnings per share, except for some items, in line with the Refinitive analyst consensus estimate. Revenue of $ 1.20 billion was just below the $ 1.21 billion estimate.
And the company is named its new CFO: Vincent Pilette, who was previously Logitech's chief financial officer. Pilette replaces Nicholas Noviello, whose resignation was announced in January.
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