Security software maker Symantec announced that Greg Clark, its president and CEO since 2016, is stepping down effective immediately. Symantec’s shares dropped nearly 15% in after-hours trading after the company announced the change and reported fiscal first-quarter revenue that fell short of Wall Street’s forecasts. Symantec has appointed one of its board members, former Novellus Systems Chairman and CEO Richard Hill, to replace Mr. Clark on an interim basis.
The CEO change is the latest bit of drama for Symantec, which last year went through layoffs, executive departures, and an accounting probe stemming from concerns raised by a former employee. Symantec’s main problem is declining sales of cybersecurity software to large companies, and leadership turmoil suggests that investors will continue to be wary.