Symantec hunts for new CEO

IT careers

Symantec hunts for new CEO

Cliff Saran

Security and storage software company Symantec has got rid of its CEO and president, Steve Bennett, and has hired an executive search company to find a replacement.

In the meantime, Michael Brown has taken on the position of interim president and chief executive officer.

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Chairman Daniel Schulman said: "We recognise Steve's contribution to Symantec, including developing and leading a series of successful initiatives focused on organisational realignment, cost reduction and process effectiveness. Our priority is now to identify a leader who can leverage our company's assets and leadership team to drive the next stage of Symantec's product innovation and growth."

In a transcript of the earnings call on 29 January posted on the Seeking Alpha financial website, Bennett said: "In the past, we focused on winning with a strong portfolio of individual point solutions and growth was dependent primarily on acquisition. We never really integrated the technologies in a way that added value for our customers, so organic growth was not a priority. That is changing with our new strategy."

When asked to give more details, Bennett said the strategy would be revealed  for the Investor Day in May.

At the time, Bennett admitted that Symantec’s product release cycle was too slow. "I think we have been a little bit slow on platforms support and I think that’s something we are addressing, to change our development process to be a faster cycle on platforms support and separate that from our big annual or 15-month releases."

In an in-depth Computer Weekly supplier profile of Symantec, Quocirca analyst Clive Longbottom noted: "Symantec still gets bogged down in its technology rather than concentrating on the business value a lot of the time. It has overlap in its portfolio that confuses prospective customers and its customer base. Symantec is moving slowly to solution sales, but a lot of what it does is still a portfolio sale, with lots of different contracts and different upgrade and patch cycles."


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