Symantec terminates CEO Steve Bennett

AP News
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Posted: Mar 20, 2014 5:12 PM

NEW YORK (AP) — Security software maker Symantec says it terminated President and CEO Steve Bennett's employment and named director Michael Brown as his temporary replacement.

Bennett has been president and CEO of the company since July 2012. Symantec said Thursday that he resigned from the board of directors after his termination. He was also chairman of the company until Symantec split the chairman and CEO roles in January 2013.

The Mountain View, Calif., company did not cite a precise reason for Bennett's ouster.

"This considered decision was the result of an ongoing deliberative process, and not precipitated by any event or impropriety," Symantec Chairman Dan Schulman said in a press release.

Brown has been with the company since July 2005. He is the former chairman and CEO of Quantum Corp.

Symantec Corp. shares fell $1.37, or 6.5 percent, to $19.54 in after-hours trading. The stock is down about 15 percent in the past year.

The company backed its fiscal fourth-quarter outlook. It expects income of 40 cents to 42 cents per share and $1.62 billion to $1.66 billion in revenue, down from 44 cents per share on revenue of $1.75 billion a year ago.

Analysts expect income of 42 cents per share and $1.64 billion in revenue, according to FactSet.