Symantec appoints interim CEO after Clark resigns

Symantec appoints interim CEO after Clark resigns

Symantec now expects first quarter fiscal 2020 profits "to be in the range" of 30 cents to 34 cents per share, which is below analysts' estimates of 40 cents per share, Reuters reports, citing IBES data from Refinitiv.

Symantec Corporation Greg Hill has resigned as CEO and President of the company after disappointing fourth-quarter earnings.

The company's new leadership is already attempting damage control.

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

The numbers were solid despite weaker-than-expected sales from its main enterprise security business unit, which was blamed on lower-than-expected bookings.

Richard Hill, current Symantec director, has been named as the interim chief, while the company searches for a permanent replacement for Clark.

During Clark's tenure, Symantec's stock price rose just over 7 percent.

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On a conference call, Hill - who has worked with Symantec as an advisor since October and been a director since January - said he was told by Clark in April that "he had personal issues he needed to attend and wanted to spend more time with his ageing father".

Following the executive changes, the size of Symantec's board has decreased from 13 to 12 members, including 11 independent members.

Hill said that last October, he began to work as an adviser to Clark as well as Symantec's board.

Symantec also named Vincent Pilette, formerly with Logitech International, as its new chief financial officer, replacing Nicholas Noviello, whose departure was announced in January.

Mr. Pilette, who now serves as CFO of Logitech and has been appointed Symantec's new EVP and CFO, said, "I join Symantec with a deep background in operations and as an investor in the Company".

Clark's departure comes after a tumultuous 2018 for Symantec.

Symantec's stock drop following the disclosure of report for the 2018 fiscal year, and guidance for the 2019 FY as well as a probe, the firm said in its most recent 10-K filing annual report. He's expected to join the company later this month, officials said. Hill additionally said that "for anybody, and surely somebody with the pride of Greg, he doesn't care to see the outcomes that occurred in the final quarter".

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