Symantec CEO Leaves Company

Andrew Cummings
May 13, 2019

Separately, the company forecast fiscal first-quarter profit of 30 cents to 34 cents a share, falling short of the average analyst estimate of 40 cents, according to data compiled by Bloomberg.

The company's new leadership is already attempting damage control. Clark joining Symantec was part of deal when the security company acquires another security company Blue Coat of which he was CEO.

Symantec, which is being investigated by US regulators over an accounting irregularity, has seen a slew of key executive departures since late previous year, including Chief Operating Officer Michael Fey and Chief Marketing Officer Michael Williams.

"Our enterprise security revenue was below our guidance range due to lower than expected bookings, which led to year-over-year reported billings declining greater than we anticipated", Hill said on the call.

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Richard Hill, a current director and former CEO of Novellus Systems, was named interim leader to replace Clark, who has been at the helm since 2016, the company said Thursday in a statement.

Mr. Hill, who has served as a Director since January 2019 and who has been named Interim President and CEO of Symantec, said, "I'd like to thank Greg Clark and the full team at Symantec, who have done an outstanding job of building a strategy and solutions that defend enterprises and consumers from the ever increasing cyber threat landscape".

Following the changes announced today, the size of Symantec's Board has decreased from 13 to 12 members, 11 of whom are independent.

Not long ago, Clark clarified that he needed to spend more time with his father. The security firm is searching for a permanent substitution.

Commenting on Clark's departure, Hill added: "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".

Vincent Pilette was the VP of Finance for Hewlett Packard Enterprise's server, storage and networking business.

In May 2018, the company's board of directors announced that it was launching an investigation into accounting irregularities after a whistleblower raised concerns.

"For anyone, and certainly someone with the pride of Greg, he doesn't like to see the results that happened in the fourth quarter", Hill said of Greg.

Symantec posted revenue of $4.762 billion in fiscal 2019 as compared with $4.960 billion in fiscal 2018.

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