- Push-out Score determined
- After less than three years in the position
- Praise, thanks and good wishes for Clark
- Rick Hill taking over in the interim
- Search for a successor
- Clark said 104 words
(exechange) — Mountain View, California, May 9, 2019 — Greg Clark, chief executive of Symantec, leaves. As announced by Symantec Corp. in a news release and in a regulatory filing published on Thursday, May 9, 2019, Gregory S. (Greg) Clark leaves his post as Chief Executive Officer at the antivirus software maker after less than three years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange. Only 24 percent of the CEOs who departed over the past 12 months left the position within three years.
Symantec will undertake a search for a successor.
Greg Clark’s duties will be taken over in the interim by Richard S. (Rick) Hill, a former Chairman and CEO of Novellus Systems, as Interim Chief Executive Officer.
Already a director
Hill is already a director of Symantec. Often a board member is a last resort, someone who is turned to in desperation when a company cannot find suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Hill understands the expectations and dynamics of the board and has knowledge of Symantec’s organization, risk-management practices and strategy.
Greg Clark’s move is part of a management shake-up also involving the position of Chief Financial Officer.
“Significant opportunity to further enhance shareholder value”
A reason for Greg Clark’s departure from the CEO post was not explicitly provided. 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.”
Precise information regarding Greg Clark’s future plans was not immediately available.
Symantec said: “Mr. Hill succeeds Greg Clark, who has stepped down as President and CEO and as a member of the Symantec Board, also effective immediately.”
Symantec further said: “On May 9, 2019, Gregory S. Clark resigned from his roles as President and Chief Executive Officer of the Company and from the Board.”
Share price decline
The announcement follows a decline in Symantec Corporation’s share price of 34 percent since October 2017.
Chaired by Daniel H. Schulman
Symantec Corporation is chaired by Daniel H. Schulman.
Daniel H. Schulman has been a member of Symantec’s board of directors since March 2000, and was named chairman of the board in January 2013. He is currently the president and CEO of PayPal.
In the position of CEO since 2016
Greg Clark has been the Chief Executive Officer of Symantec Corporation since August 1, 2016.
Clark has served as the Company’s Chief Executive Officer and a member of the Company’s Board since 2016.
Prior to joining Symantec, he served as the Chief Executive Officer of Blue Coat, which we acquired in 2016, and as a member of Blue Coat’s board of directors from 2011 to August 2016.
From 2008 to 2011, Clark was the President and Chief Executive Officer of Mincom, a global software and service provider to asset-intensive industries.
Before joining Mincom, he was a Founder and served as President and Chief Executive Officer of E2open, a provider of cloud-based supply chain software, from 2001 until 2008.
Earlier in his career, Clark founded a security software firm, Dascom, which was acquired by IBM in 1999.
Clark previously served on the boards of directors of Imperva, Inc. from May 2014 through August 2015 and Emulex Corporation from 2013 through its acquisition by Avago Technologies Ltd. in 2015.
He served as a distinguished engineer and Vice President of IBM’s Tivoli Systems, a division providing security and management products, from 1999 until 2001.
Clark holds a Bachelor’s degree from Griffith University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Symantec and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2019 ($).