Symantec stock fell as much as 15% Thursday after the security company said its president and CEO, Greg Clark, has stepped down. The company is looking for a replacement.

Symantec director Richard Hill, formerly CEO of Novellus Systems, was named interim president and CEO, effective immediately, according to a statement.

“As we enter into a new financial year, Greg and the Board agreed that now is the right time to transition leadership, and we are confident in Rick’s ability to drive the Company forward while we work to identify a permanent CEO,” Symantec’s board chairman, Daniel Schulman, was quoted as saying in the statement.

Also on Thursday Symantec named its new chief financial officer: Vincent Pilette, who was previously Logitech’s chief financial officer. Pilette replaces Nicholas Noviello, whose departure was announced in January.

This is breaking news. Please check back for updates.

WATCH: Watch CNBC’s exclusive interview with Symantec CEO Greg Clark

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