Corporation discharges top executive
In a significant move, Symantec, the global leader in cybersecurity, has announced that Enrique Salem, who has been with the company for 19 years, will be stepping down as CEO. His successor will be Sam Bennett, the current president and chairman of Symantec, who has been with the company for over a decade.
The announcement was made alongside the unveiling of Symantec's latest quarterly financial results. For the three months ending June 29 2012, Symantec's revenues grew by 1% to $1.7 billion, but net income fell 9% to $172 million.
However, the company's performance is underperforming against its opportunities. Sales decreased in Symantec's two largest divisions, consumer and storage and server management. As a result, the company has forecasted a year-on-year revenue drop of up to 3% for the coming quarter.
Despite the revenue forecast drop, Symantec's share price rose 7% following the announcement. This could be attributed to the change in leadership, as well as the company's commitment to improving its financial performance.
Enrique Salem, who became CEO of Symantec when John Thomson stepped down to become chairman, had a total compensation of around $8.5 million in 2011. His successor, Michael Brown, who has worked at the company for about 9 years, will take over as CEO.
Bennett, in his new role, has vowed to focus on driving growth, increasing shareholder value, and ensuring Symantec remains at the forefront of the cybersecurity industry. He has also expressed his gratitude to Salem for his service and contributions to the company.
Symantec, founded in 1982, has been a pioneer in the cybersecurity industry for over three decades. The company provides software and hardware solutions to protect against malware, ransomware, phishing, and other cyber threats. With the new leadership in place, Symantec is poised to continue its mission of ensuring digital safety for individuals and businesses worldwide.
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