Symantec fires CEO; shares halted


Symantec (SYMC) CEO Steve Bennett has been axed after less than two years on the job. Director/storage industry vet Michael Brown has been named interim CEO while the company looks for a permanent successor. (PR)

Chairman Daniel Schulman says Bennett's firing "was the result of an ongoing deliberative process, and not precipitated by any event or impropriety."

Symantec shares rallied strongly after Bennett was named CEO in July 2012, as investors gave a thumbs-up to his efforts to cut costs and streamline Symantec's product line. But they've underperformed over the last eight months amid earnings disappointments and ongoing share losses.

Symantec saw a series of executive departures last fall. The company is reiterating its March quarter guidance.

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Comments (6)
  • Kenjisan
    , contributor
    Comments (49) | Send Message
     
    SYMC down 9% after hours.
    20 Mar 2014, 04:27 PM Reply Like
  • db313706
    , contributor
    Comments (223) | Send Message
     
    Go long in the eye of the storm? I know they've been underwhelming as of late, but 9% sounds like a knee jerk reaction to an already bruised stock.

     

    I'm not nearly smart enough to be an expert on cyber security, but I am smart enough to see it's the type of action I want a piece of as it becomes a more centralized issue every day.
    20 Mar 2014, 04:37 PM Reply Like
  • Patent News
    , contributor
    Comments (1459) | Send Message
     
    that's assuming THEY symantec take the pie and not someone else like FEYE or others...
    20 Mar 2014, 07:27 PM Reply Like
  • Ta0
    , contributor
    Comments (492) | Send Message
     
    Bummer. Let's see how much of a sale it's going to be. Maybe we can make out like a bandit.
    20 Mar 2014, 07:01 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (12961) | Send Message
     
    Bennett can't do much for Symantec. It's main product is a virus that keeps out other viruses and is overpriced and slows your computer down. Symantec would be better off buying Kaspersky or another platform than try to fix their broken intrusive system.
    20 Mar 2014, 08:38 PM Reply Like
  • MartyFL
    , contributor
    Comments (509) | Send Message
     
    And just try to remove their overpriced product. They have made it almost impossible.
    21 Mar 2014, 11:13 AM Reply Like
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