The company's fourth-quarter revenue fell 1.7 percent to $1.19 billion, below analysts' estimates of $1.21 billion, according to IBES data from Refinitiv.
Mr. Schulman added, "The Board extends its deep appreciation to Greg for his leadership and contributions to our Company since becoming CEO".
Prior to that, he had served as an executive at IBM Corp. for several years. However, our Enterprise Security revenue was below our guidance range due to lower than expected bookings, which led to year-over-year reported billings declining greater than we anticipated. For now, the CEO role at Symantec will be filled by interim leader Richard Hill, a current Symantec director and former chairman and CEO of Novellus Systems, officials said.
There are a couple of reasons why Clark chose to step down, one of which, according to Hill, were the company results for the fourth quarter and of the year before.
Mr. Hill continued, "Having participated in the CFO search process in my capacity as a Board member, I am delighted to welcome Vincent to Symantec".
Following the executive changes, the size of Symantec's board has decreased from 13 to 12 members, including 11 independent members.
Two Saudi tankers off Fujairah coast targets of 'sabotage attack'
It said the UAE had taken all necessary measures and launched an investigation in coordination with global authorities. It said there were "no injuries or fatalities on board the vessels" and "no spillage of harmful chemicals or fuel".
U.S. and Palestinians clash over plan for peace with Israel
Israel did not publicly confirm the deal, but on Friday lifted the ban it had imposed on Palestinian fishing boats operating off Gaza .
Uber stumbles out of the IPO gate
As well as the original ride-hailing business, Uber is developing driverless cars and has a food delivery operation, Uber Eats. Adding to investor worries about Uber's listing is the lackluster performance of Lyft , its biggest rival in North America.
Greg Clark, Chief Executive Officer of Symantec, holds up a Norton Core device as he takes part in the Yahoo Finance All Markets Summit in NY, U.S., February 8, 2017.
Symantec said Pilette, who is CFO of Logitech and former VP of Finance for Hewlett Packard Enterprise's server, storage and networking business, will join the company on May 21.
Clark's departure comes after a tumultuous 2018 for Symantec. The Securities and Exchange Commission launched a formal investigation.
For the year, revenue slipped to $4.731bn from $4.834bn and net profit was just $31m, a huge dive from the $1.138bn reported a year earlier. As a company moves up the chain to "hunt elephants", Hill said that can result in a thinning out of the herd.
"For anyone, and certainly someone with the pride of Greg, he doesn't like to see the results that happened in the fourth quarter", Hill said of Greg.
In addition, Symantec's board said it would follow its audit committee's recommendations to appoint a separate chief accounting officer, appoint a chief compliance officer who reports to the audit committee and put better controls in place.