Well, it's kinda hard to grow revenues when the company hasn't really invested in any of its homegrown products in several years. Instead, McAfee borrowed a ton of money from Wall Street, using some to buy Skyhigh Networks (getting into the cloud security market to catch up with Symantec/Blue Coat). Add to that a well-deserved reputation for laying off solid talent in favor of keeping or hiring highly-paid management who can't deliver growth, and you have a recipe for stagnation.
The new CEO was clearly brought in to dress up McAfee for sale, though it's unclear who would want to buy the company in its current state. There was talk of McAfee buying NortonLifeLock, but that would have been a disaster because the latter shed its enterprise business for lackluster growth. Why would the shareholders NLOK want to tie itself to a single-digit growth albatross again?