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Symantec CEO stands down

(Image credit: Image Credit: Symantec)

Symantec's CEO, Greg Clark, is stepping down, effective immediately. The company confirmed the news via a statement, in which it also said it had already started looking for a permanent replacement.

Until that happens, Clark's position will be held by Symantec director Richard Hill, formerly CEO of Novellus Systems. Hill will be interim president and CEO, the company said.

There are a couple of reasons why Clark decided to step down, one of which, according to Hill, were the company results for the fourth quarter and of the year before.

A day earlier, the company released its earnings call for the fourth quarter, which were below analyst estimates.

"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.

In the earnings call, the company said it stood at 39 cents in earnings per share. Revenue was $1.20 billion, less than the $1.21 billion that was the analysts' estimate.

"When you're at the top of the pyramid, sometimes things happen," Hill added.

Clark became CEO in 2016, after he had replaced Michael Brown. Since Clark started running the company, its shares rose some eight per cent, according to CNBC. This isn't exactly perceived as stunning success, as the S6P 500 had grown some 32 per cent in the same period.

When it was announced that Clark would be stepping down, Symantec's shares fell sharply, 15 per cent.

Image Credit: Symantec