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