Symantec stock fell more than 15% Thursday after the security company said its president and CEO, Greg Clark, has stepped down. The company is looking for a permanent replacement.
In late April Clark made it clear that he wanted to spend more time with his aging father, Hill told analysts on a Thursday conference call. Hill also said that"for anyone, and certainly someone with the pride of Greg, he doesn't like to see the results that happened in the fourth quarter." The company's guidance, for both the first quarter of fiscal year 2020 and the full 2020 fiscal year, was lower than analysts had expected.Clark became CEO in 2016, replacing Michael Brown. Clark arrived at Symantec earlier that year through the acquisition of security company Blue Coat, of which he was CEO. Earlier in his career Clark was an executive at IBM after it acquired Dascom, a security company Clark had founded.
Symantec shares have risen less than 8% since Clark took the company's helm, lagging behind the S&P 500, which has grown 32% in the same period. Clark received $17.3 million in total compensation in the 2018 fiscal year, which ended in March 2018, according to a filing.
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