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5/10/2019
09:30 AM
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Symantec CEO Greg Clark Steps Down

Exec shake-up comes amid earnings drop in financial report.

Symantec this week announced an executive shakeup that included the departure of CEO Greg Clark and the naming of a new chief financial officer.

Clark, who took over the helm of Symantec in 2016 after the firm acquired Web and cloud security vendor Blue Coat Networks, where he served as CEO, for $4.65 billion. Under Clark's tenure, Symantec acquired identity protection vendor LifeLock in late 2016 for $2.3 billion, and in 2017 formed a cybersecurity venture capital arm, Symantec Ventures, an incubator for new startups.

Richard S. Hill, Symantec director and former chairman and CEO of Novellus Systems, will serve as interim president and CEO while the company searches for a new CEO.

Meanwhile, Vincent Pilette, CFO of Logitech, was named executive vice president and CFO of Symantec. Pilette fills the slot of former Symantec CFO Nicholas Noviello, who stepped down in January.

The executive changes came as Symantec reported missed earnings for its fiscal fourth quarter. It announced earnings of $34 million on $1.19 billion in sales, a drop from $1.21 billion one year ago, according to MarketWatch.

Read more here and here

 

 

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