Symantec terminates CEO Steve Bennett

Symantec today said it has terminated CEO Steve Bennett from the company.

The company did not share specific details.

Symantec chairman Daniel Schulman recognized Steve’s contributions to Symantec, including developing and leading initiatives focused on organizational realignment, cost reduction and process effectiveness.

“Our priority is now to identify a leader who can leverage our company’s assets and leadership team to drive the next stage of Symantec’s product innovation and growth. This considered decision was the result of an ongoing deliberative process, and not precipitated by any event or impropriety,” Schulman said.

Earlier, Symantec divided the roles of CEO and Chairman after posting 4 percent increase in revenue in third quarter of fiscal year 2013. Symantec posted 4 percent increase in revenue in third quarter of fiscal year 2013 at $1.79 billion.


Also read: Symantec splits roles of CEO and chairman

In January 2013, Symantec has announced new strategies to improve revenue of the company. It will reduce work force as part of new strategies. Symantec is focusing on 10 key areas that combine existing products and services into new, innovative and comprehensive solutions that meet multiple customer needs with integrated and higher value offerings.

Also read: Symantec to reduce employees as part of new strategies

Recently, Microsoft veteran Amit Mital joined security solutions vendor Symantec as chief technology officer. Mital will be responsible for driving the company’s technology strategy with a focus on accelerating innovation, product development and R&D.

Also read: Symantec hires Microsoft veteran Amit Mital as CTO

Michael Brown will be interim president

Michael Brown will be interim president and chief executive officer. Its board will immediately begin the search for a permanent CEO with the assistance of a leading executive search firm.

Brown joined Symantec’s board following the company’s merger with Veritas Software in July 2005, and previously served as chairman and chief executive officer of Quantum. Under his leadership, Quantum grew from $3 billion to $6 billion in revenues and held market leadership positions in data back-up and archiving solutions. 

Symantec did not change its revenue guidance. For the fourth quarter of fiscal 2014, Symantec is expecting revenue of $1.615 to $1.655 billion, compared to $1.748 billion in the year-ago period.

Baburajan K
[email protected]

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