Symantec Fires CEO, Too Slow On Generating Product Growth and Revenue

Symantec's Fires CEO, Too Slow On Generating Product Growth and Revenue (Ping! Zine Web Tech Magazine) – Antivirus software maker, Symantec, announced on Thursday that the company had fired its CEO of a year and a half, Steve Bennett.

According to The New York Times, citing a “person close to the board”, Symantec’s decision of firing Bennett was due to how slow he was on innovating new products and growth initiatives.

In an interview at the beginning of the year, Bennett stated that the company is “running a marathon not a sprint” in regards to the numerous start-up companies emerging.

“When we’re at the end of the finish line, sometime in the future, we’re going to be there and we’re going to be smiling. And we’ll see where all these shiny-new-object companies are,” said Bennett.

The Times source added that the board members believed that the company needed to move faster in regards to product growth and revenue.

Symantec’s revenue for its current fiscal quarter is expected to be down by more than 5 percent, $1.65 billion, from this time a year ago.

Following Bennett removal, the company’s shares fell by 14 percent, reports fool.com.

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