On Friday, the stock price of Palo Alto Networks dropped by 7.2 percent following the news of resignation of its senior sales executive.
As per a spokesperson for the company, Dave Peranich, the firm’s executive vice president of worldwide sales, shall serve his duties until September end this year. He played a significant role in expanding the company’s revenue to $2.3bn in the 2018 fiscal year.
The news regarding his resignation was confirmed by the spokesperson to the outlet The Information. Palo Alto Networks is currently on the hunt of his replacement, added the spokesperson.
The stock of the company experienced its worst fall in the past 2 years. The drop resulted in shaving almost $1.5bn from the market cap of the company, thus getting it to $19.1bn.
Notably, the company has already witnessed a no. of senior seat changes in the recent months. Last June, Palo Alto Networks had replaced its ex-CEO, Mark McLaughlin with ex-Softbank president Nikesh Arora. Moreover, it has later replaced ex-President Mark Anderson with ex-Google executive Amit K. Singh last year October.
Besides, Patrick Blair, the ex-senior vice president as well as GM of the firm’s Americas sales had also left previous this year, as per reports.