Symantec fires CEO; shares halted

|About: Symantec Corporation (SYMC)|By:, SA News Editor

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.