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Symantec CEO steps down following 10 per cent drop in profits

Board of directors appoints Steve Bennett
Wed Jul 25 2012, 17:30
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SECURITY FIRM Symantec's CEO and president Enrique Salem has stepped down after the company's board of directors decided it was in the firm's "best interests" to get rid of him.

The board has appointed Steve Bennett as CEO and president, in addition to his continued role as chairman of the board.

"Bennett's appointment is permanent and he will begin his duties as day-to-day CEO immediately," a Symantec spokesperson told The INQUIRER.

"The board's decision to make a leadership change was not based on any particular event or problem but was instead made after ongoing consideration and a deliberative process."

Bennett has been on Symantec's board since 2010 and has served as its chairman since 2011. He previously served as CEO and president at Intuit from 2000 to 2007.

Salem's departure was announced just hours before the firm's earnings conference call at 1pm today, which discussed the results of the firm's fiscal first quarter of 2013 ended 29 June.

Perhaps Salem's departure suggests the board was unhappy with the financial performance of the firm under his leadership. After all, the earnings report revealed that despite one per cent year over year revenue growth to $1.7bn, profits in the first quarter of fiscal year 2013 fell 9.9 per cent.

Bennett said, "While progress has been made over the last three years in many areas, it was the board's judgment that it was in the best interests of Symantec to make a change in the chief executive." µ

 

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