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Palo Alto Networks drops on report that head of sales is leaving

Palo Alto Networks drops on report that head of sales is leaving

Source: Palo Alto Networks

Shares of cybersecurity company Palo Alto Networks dropped 7.2% Friday on the news that its head of sales is leaving.

A spokesperson for Palo Alto Networks confirmed to CNBC that Dave Peranich, executive vice president of worldwide sales, will leave the company in September, following a report from The Information. The company is currently seeking his replacement, the spokesperson said.

The stock closed its worst day in two years. The drop shaved nearly $1.5 billion from the company’s market cap, bringing it to $19.1 billion.

Palo Alto Networks has seen a number of its top seats change hands in recent months. In June 2018, the company replaced its former CEO Mark McLaughlin with former SoftBank and Google executive Nikesh Arora. In October, it replaced former President Mark Anderson with former Google executive Amit Singh.

Former senior vice president and general manager of Americas sales Patrick Blair also left earlier this year, according to The Information.

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