Symantec Replaces CEO as Profit Falls 10 Percent
Symantec Corp.’s fiscal first-quarter profit dropped 9.9 percent as the maker of security software saw higher costs that offset a slight rise in revenue. The company also disclosed Chief Executive Enrique Salem has stepped down effective immediately and will be replaced by Chairman Steve Bennett.
“While progress has been made over the last three years in many areas, it was the board’s judgment that it was in the best interests of Symantec to make a change in the CEO,” Mr. Bennett said. He added he believes Symantec’s assets are strong and the company is underperforming. The company said the CEO change isn’t based on any particular event.