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Symantec ( SYMC ) CEO Michael Brown will step down, the No. 3 cybersecurity firm announced Thursday after trimming fiscal Q4 guidance on dwindling licensing sales. Symantec stock crashed to its lowest point in more than a month. Shares closed down 6.7% at 16.89, recovering minimally from an 8% plunge earlier in the day. Shares hit a year-high 18.85 on March 21, but have since declined 11.6%. For its fiscal Q4 ended April 1, Symantec trimmed its sales view to $873 million, representing a 6% drop, from earlier expectations for $885 million to $915 million, and now sees 22 cents earnings per share, down 24%, vs. prior guidance for 24-27 cents. The consensus of analysts polled by Thomson Reuters had called for $893.1 million and 24 cents. Symantec will officially announce its fiscal Q4 results after the close May 12. Brown will serve until a new CEO is hired. Through the transition, the board tapped Silver Lake Partners exec Ajei Gopal, Symantec Chief Financial Officer Thomas Seifert and Symantec Executive Vice President Scott Taylor to collectively carry out the role of “office of the president.” The office will remain in place until a new CEO joins the company, Symantec said in a release. Together, the trio will focus on cost-cutting measures to reduce costs by $400 million over the next two years. Symantec’s May 26 financial day has been postponed. Scalper1 News
Scalper1 News