Symantec CEO Greg Clark steps down

Christian Wylonis

Photo by NeONBRAND on Unsplash

Greg Clark has stepped down as President and CEO and as a member of Symantec's Board effective immediately. Richard S. Hill, current Symantec director and former Chairman and CEO of Novellus Systems, has been appointed Interim President and Chief Executive Officer. The company will commence a search process to find a permanent CEO.

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."

Daniel H. Schulman, Chairman of the Symantec Board of Directors, said: “Symantec has a significant opportunity to further enhance shareholder value by continuing to build on the leadership and momentum of both our Enterprise and Consumer Cyber Safety segments. As we enter into a new financial year, Greg and the Board agreed that now is the right time to transition leadership, and we are confident in Rick’s ability to drive the Company forward while we work to identify a permanent CEO.”

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.

In addition, Vincent Pilette, CFO of Logitech and former VP of Finance for Hewlett Packard Enterprise’s server, storage and networking business, has been appointed Executive Vice President and Chief Financial Officer of Symantec. He is anticipated to join the Company on May 21, 2019. Pilette succeeds Nicholas Noviello who announced his departure as EVP and CFO on January 31, 2019.

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