Symantec names interim CEO Brown to the top post

Reuters News
Posted: Sep 25, 2014 6:26 PM

(Reuters) - Symantec Corp, known for its Norton antivirus software, named Michael Brown as chief executive after he served in the position for more than six months on an interim basis.

Brown took over in March as interim CEO from Steve Bennett, who was fired by the company, which was struggling to revive growth amid eroding PC sales.

Bennett became the CEO in July 2012, replacing company veteran Enrique Salem, who was fired after just three years on the job.

Brown brings a "calming influence" to the company, which is different than his predecessor, RBC Capital Markets analysts said in a note.

Since Brown's appointment as interim CEO, the company has reported revenue growth in the last two quarters. The company's profit in the latest quarter rose 50 percent.

Brown will share the company's strategic plan with shareholders, customers and employees within the next 30 days, the company said in a statement.

Up to Thursday's close of $23.73, the company's stock had risen 14 percent since Brown became the interim CEO, reflecting investor confidence in his ability to turn Symantec around.

(Reporting by Anya George Tharakan in Bangalore)