Symantec terminates services of President Steve Bennett, appoints Michael Brown

Written by PTI | New York | Updated: Mar 22 2014, 02:56am hrs
SymantecSecurity software maker Symantec has terminated the services of its President and CEO Steve Bennett. Reuters
Security software maker Symantec has terminated the services of its President and CEO Steve Bennett, the second such decision by the company in a span of two years.

The company, however, did not disclose the reasons for the move.

Symantec has appointed board member Michael Brown as interim president and CEO with immediate effect.

"This appointment follows the termination of Steve Bennett as the company's president and CEO and his resignation from Symantec's board of directors," Symantec said in a statement.

A special committee of the board will immediately begin the search for a permanent CEO with the assistance of a leading executive search firm, it added.

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

Bennett was roped in to head the US-based firm in July 2012 when its then President and CEO Enrique Salem was asked to leave the company after a 19 year association with Symantec, including three years as the CEO.

"It was the board's judgement that it was in the best interests of Symantec to make a change in the CEO," Symantec had said.

Brown joined Symantec's board of directors following the company's merger with VERITAS Software in July 2005, and previously served as chairman and chief executive officer of Quantum Corporation.

As interim president and CEO, Brown will work with Symantec's executive team to facilitate an orderly leadership transition while overseeing the company's ongoing transformation.

He will remain on Symantec's board, but will no longer serve on its compensation and leadership development committee or nominating and governance committee.

Board member Robert S Miller will replace Brown as the chair of the compensation and leadership development committee.