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Symantec changes CEO

Steve Bennett takes over CEO role to replace Enrique Salem

"The company is underperforming against the opportunity," says Bennett.
"The company is underperforming against the opportunity," says Bennett.

Symantec has replaced its CEO Enrique Salem, with chairman of the board Steve Bennett taking the lead at the security vendor effective immediately.

In a statement announcing the change, Bennett said that he felt that the company was underperforming. In its fiscal Q1 2013, announced yesterday, GAAP revenue was up just 1% to $1.7bn, while income fell to $172m from $191m from the same quarter last year.

Steve Bennett joined Symantec's board of directors in February 2010 and became chairman in 2011. He was previously CEO and president of Intuit, and held roles with GE.

A company statement from Steven Bennett said: "Enrique Salem has been a significant contributor during his 19 years' associated with Symantec, including the last three years as CEO. While progress has been made over the last three years in many areas, it was the board's judgment that it was in the best interests of Symantec to make a change in the CEO.

"My view is that Symantec's assets are strong and yet the company is underperforming against the opportunity. I'm looking forward to working with the team to build upon the significant assets in place to help Symantec accelerate value creation for all of its stakeholders."

Dan Schulman, Symantec's newly-appointed lead director added: "The board's decision to make a leadership change was not based on any particular event or impropriety but was instead made after ongoing consideration and a deliberative process. We are fortunate as a board to be able to name Steve as CEO and achieve continuity in leadership. Steve understands the company well, had a great track record at Intuit and General Electric and is a perfect fit for moving the company forward."