Johannesburg, 26 Jul 2012
Nasdaq-listed security software provider Symantec has decided to change CEOs, in the “best interests” of the company.
The US group yesterday said president and CEO Enrique Salem had stepped down with immediate effect. He will be replaced by Steve Bennett as president and CEO, who will also continue to be chairman, it said.
“Enrique Salem has been a significant contributor during his 19 years associated with Symantec, including the last three years as CEO,” said Bennett. “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 CEO.”
Symantec also reported first quarterly results yesterday and said revenue was up a percent, to $1.668 billion, in the three months to June. “We are making progress on many fronts, but believe we can further accelerate the company's value to employees, customers, partners and shareholders,” said Bennett.
Executive VP and CFO James Beer said Symantec “delivered record June quarter revenue and deferred revenue, as well as growth in earnings per share despite an 11% foreign currency headwind”.
Net profit disclosed under generally acceptable accounting principles was $172 million, compared with net income of $191 million in the same quarter last year.
“My view is that Symantec's assets are strong and yet the company is underperforming against the opportunity,” said Bennett. “I'm looking forward to working with the team to build upon the significant assets in place to help Symantec accelerate value creation for all of its stakeholders.”
The board's decision to make a leadership change was not based on any particular event or impropriety, but was, instead, made after ongoing consideration and a deliberative process,” said Symantec's newly-appointed lead director Dan Schulman.
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