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Palo Alto Networks' (PANW) stock fell sharply on Friday following news of an executive resignation. 

Shares of the security firm ended down $15.36, or 7%, at $199.25 following a report that its head of sales resigned after three years on the job. 

Dave Peranich served as executive vice president of worldwide sales at the firm, and played an important role in growing the firm's revenue to $2.3 billion as of fiscal 2018. Palo Alto Networks confirmed his resignation to The Information, and said a search for his replacement is underway. 

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Peranich will stay on through the end of September, the company said. Year-to-date, shares of Palo Alto Networks are up 17%.

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