McAfee Announces EMC Corp.'s David DeWalt Will Be Its New CEO

McAfee has named David DeWalt, EMC Corp.'s current head of customer relations, as its new CEO, effective April 2, replacing George Samenuk who was forced to step down in October, a result of the stock options probe that has also forced McAfee to restate 10 years worth of results. DeWalt said of his new job, "I have to restore the image of McAfee... make sure we're beyond squeaky clean as a company." DeWalt, will remain at EMC Corp. through April 1. McAfee shares closed lower by $0.43, or 1.43%, to $29.55 yesterday before gaining $0.45, or 1.52% to $30.00 in after hours action on the news.

Sources: Press Release, Wall Street Journal, Bloomberg, Reuters
Commentary: McAfee Suffers 9% Profit Drop; Annual Report Will Be Late • McAfee: Takeover Target With Options Issue Behind It? • Options Scandal Investigations Heat Up With McAfee, CNET Firings
Stocks/ETFs to watch: McAfee (MFE), EMC Corporation. Competitors: Symantec (SYMC), Microsoft (MSFT). ETFs: Internet HOLDRS (HHH)

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