Symantec Fires CEO

Written by Oonagh Reidy     21/03/2014 | 14:35 | Category: SECURITY & SUPPORT

Steve Bennett is the second boss to be fired in two years.

Symantec Fires CEO Symantec today confirmed it had terminated Steve Bennett as president and CEO of the company, and will no longer sit on the board of directors.

Bennett took the top job in July 2012, and is the second CEO the software security company has fired in two years. 

Symantec's chairman Daniel Schulman said the decision "was the result of an ongoing deliberative process, and not precipitated by any event or impropriety."

"We recognize Steve's contributions to Symantec, including developing and leading a series of successful initiatives focused on organizational realignment, cost reduction and process effectiveness. These changes have helped establish a solid foundation for Symantec's future." 

The software giant is looking for "a leader who can leverage our company's assets and leadership team to drive the next stage of product innovation and growth," he added. A special committee of the board will begin the search for a permanent CEO immediately.

Board member Michael Brown has been appointed as an interim president and CEO, effective immediately.

The US-based company said it will remain committed to achieving greater-than 5% organic revenue growth and over 30% non-GAAP operating margin targets by FY17.  

Symantec also today reiterated its guidance for the fourth quarter of fiscal 2014, which forecasts lower revenue of $1.61 -$1.65 billion, compared to $1.74 billion in the year-ago period, and non-GAAP diluted earnings per share of $0.40 - $0.42, down from $0.44 a year prior.