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Symantec dumps CEO Steve Bennett amidst slow innovation, revenue

updated 01:10 pm EDT, Sat March 22, 2014

Move comes as company struggles to keep up with mobile landscape

The anti-virus software maker Symantec fired its CEO this week, adding to the list of troubles for the ailing firm, which has seen revenues decline as the PC market cools and more competitors enter the fray. The termination of Steve Bennett marks the most recent high-profile exit for Symantec, which has seen five other senior executives part ways with the company since July.

During his tenure with the company, Bennett had attempted to put the company back on track to being competitive in the security software sector. His initial focus has been an internal review of the company to evaluate ways to increase productivity and reduce costs.

As user habits shift from desktop-based mentalities to mobile solutions, innovation in the mobile marketplace had been a factor the company has been considering. However, no new products aimed at that market were delivered turning Bennett's tenure.

In a press release from the company, Chairman Daniel Schulman says Symantec's 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." He adds that the decision to fire Bennett wasn't focused on one event, but rather due to an ongoing deliberation.

The ouster of Bennett is the second termination of a Symantec CEO in the last two years. Board member Michael Brown will take over as an interim CEO for the company as a replacement is sought.

By Electronista Staff
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  1. coffeetime

    Senior User

    Joined: 11-15-06

    How can Symantec compete when Microsoft offers the exact same thing (Microsoft Security Essentials) for free? Symantec needs to find other source of income beside just making anti-virus software.

  1. DiabloConQueso

    Fresh-Faced Recruit

    Joined: 06-11-08

    If one's image of Symantec is that they "just [make] anti-virus software" as their sole source of income, then one hasn't visited Symantec's website in over a decade.

  1. sunman42

    Fresh-Faced Recruit

    Joined: 11-09-11

    Desktop security is indeed a small part of Symantec's current business, but that product is seen by the most pairs of eyes, and the word "slow" in the headline is a perfect description of a Mac with their security software running on it (as ours nominally have to by company policy). Fortunately, I was able to replace it on my machines with Sophos.

    I have no idea how their corporate backup products, for example, are doing, but they must be feeling some heat from cloud vendors.

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