No job security in the C-suites at cybersecurity company, Symantec. The software developer's CEO, Greg Clark, shocked Wall Street late Thursday with news of his abrupt departure, sending Symantec shares down as much as 19 percent in early trading Friday. He becomes the company's fifth top executive to leave in six months.
Clark's interim successor, board director Richard Hill, said Clark wanted to look after his ailing father.
Adding to the turmoil: Symantec reported quarterly revenue that fell short of Wall Street's targets, and it issued a profit warning. All that unnerved investors who fear that the CEO's departure will disrupt the company's turnaround plan. Symantec has been struggling with slowing sales, and it faces a SEC investigation over its financial reporting.