Symantec (SYMC) Slides on Third Executive Departure

NEW YORK (TheStreet) -- Symantec (SYMC) shares continued to slide after the company's third executive departure in as many months. During Tuesday's session, shares dropped 0.69% and shed an additional 0.69% to $22.89 in premarket trading on Wednesday.

The global security company announced late Monday that its products and services chief, Francis deSouza, was leaving to pursue a presidency at Illumina (ILMN), a genetic technology firm. The products and services division will now report directly to CEO Steve Bennett.

In late September, Symantec also lost its Chief Financial Officer James Beer to biotech firm McKesson (MCK) and head of information management C.J. Desai to EMC (EMC).

The Mountain View, Calif.-based business experienced a turbulent October after lower-than-expected guidance and a year-on-year sales decline in the second quarter. On Oct. 24, shares plunged 12% after projected third-quarter earnings between 41 cents to 43 cents a share failed to impress. Analysts surveyed by Thomson Reuters had anticipated 51 cents a share.

Sales in Symantec's three core divisions -- consumer security software, enterprise security software and storage software -- saw low single-digit declines in the second quarter.

"We are confident in our strategy and have made significant progress in our company transformation. We've improved our existing point solution offerings, built dedicated teams to create and refine the new integrated offerings, and have attracted lighthouse customers as early adopters of our new offerings," reassured Bennett in a statement Tuesday.

Following the announcement of deSouza's departure, Macquarie downgraded Symantec to "neutral" and lowered its price target to $24 from $26. 

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