Falling short of great expectations
Security outfit Symantec has decided that after 19 years with the company its CEO, Enrique Salem is no longer a good fit. Salem has been replaced by Chairman Steve Bennett who will keep his Chairman's hat too.
Salem had been with the company for 19 years and was CEO for the past three years. Symantec says that his exit was not because of a particular event or any impropriety, but that the company had healthy assets and is "underperforming against the opportunity."
Apparently the board was upset that its fiscal first-quarter net income fell 10 per cent because of restructuring costs and a stronger dollar. Symantec also spent more investing in net technology. Bennett is better known as the former president and chief executive officer of Intuit. When he ruled Intuit the company grew and expanded into new markets, such as online banking and healthcare.
Symantec earned $172 million in the April-June period which was better than the $1.65 billion that Wall Street expected. However this quarter, Symantec is predicting a revenue of $1.64 billion to $1.67 billion. Analysts are expecting revenue of $1.69 billion.