Nicholas Noviello is leaving his position as CFO and executive vice president at Symantec 30 months after joining the company as part of its $4.65 billion acquisition of his old firm Blue Coat. The departure highlighted a busy week for Symantec, which also included release of its third fiscal quarter of 2019 financial results and launch of an endpoint security initiative.
Symantec offered no reason for Noviello’s departure, which was announced the same day as the financial release. Noviello, who joined Symantec as chief integration officer and took the CFO mantle in December 2016, will remain as CFO until a successor is appointed.
Noviello acknowledged his departure during a conference call with financial analysts but didn’t go beyond the company press release and quickly returned to a discussion of those results. And for good reason.
Symantec’s results came in above guidance. President and CEO Greg Clark said that the company’s enterprise security and consumer digital safety business units drove the positive results. The company reported $1.211 billion in revenue, $377 million in cash flow from operations, and earnings of 10 cents per share for the quarter.
“After a difficult first half of the year, we are pleased with a return to revenue growth in enterprise security, which grew 3 percent organically,” Clark told investment analysts, according to a Seeking Alpha transcript of the call. He added that the results led the company to increase its enterprise security growth guidance for the full fiscal year.
Noviello said that Symantec’s guidance for fiscal 2019 is being adjusted upward due to what he characterized as outperformance in the third quarter. Overall revenue for the year will be in the range of $4.76 billion to $4.79 billion.
The positive results followed a rough patch for the company. Enterprise revenues had been down and the company was struggling to “shed its reputation as a legacy firewall vendor.” The company had also faced questions about its financial reporting methods.
Symantec last week introduced a Managed Endpoint Detection and Response (MEDR) platform and enhanced its EDR 4.0 offering. The enhancements enable individual files and applications to be controlled, Clark said. “This technology, developed internally, allows our customers to adopt the most aggressive defense posture on the endpoint,” he explained.