Antivirus software maker Symantec announced that its chief financial officer Nicholas Noviello will be stepping down midyear to pursue other opportunities.
The announcement on Noviello’s departure was made as the company stated it outperformed profit and revenue estimates in the last quarter and was raising its guidance on the basis of strong enterprise and consumer businesses.
The company said revenue from its consumer security division rose 3% to $602 million, compared to analyst estimates of $600.9 million. Consumer security accounts for nearly half of Symantec’s total revenue.
“Even the good earnings last quarter still left investors with some skepticism, but the beat this time will erase some of those concerns,” Dan Ives, managing director at Wedbush Securities, said.
Noviello was previously the CFO of Blue Coat and joined Symantec as chief integration officer when it was acquired in August 2016. He was appointed CFO of Symantec in December 2016.
“Nick and I have worked closely for over three years, first at Blue Coat as we prepared for a public offering, and then at Symantec where he led our cost reduction and integration efforts before becoming Symantec’s CFO,” Symantec CEO Greg Clark said in a statement.
“Nick’s financial expertise, tireless efforts to drive integration and transformation across the company, and focus on improving our business systems and operational processes have laid a strong foundation for Symantec’s future,” he added.
Noviello’s decision follows a number of high-profile departures late last year, when chief operating officer Michael Fey, chief marketing officer Michael Williams, and senior vice president Bradon Rogers all left the company.
In May 2018, Symantec began an internal audit after an employee raised questions about accounting practices. The probe, which ended in September, resulted in one change to previous financial results.
Symantec shares were up more than 12% in midday trading.