Symantec has announced that CEO and president Enrique Salem has stepped down from his position with immediate effect and is replaced by Steve Bennett.
Bennett joins from the board of directors, which he joined in February 2010 and became chairman of in 2011. He was previously president and chief executive officer of Intuit for seven years. He claimed that while progress had 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 to the CEO.
“Enrique Salem has been a significant contributor during his 19 years' associated with Symantec, including the last three years as CEO. My view is that Symantec's assets are strong and yet the company is underperforming against the opportunity,” said Bennett.
“I'm looking forward to working with the team to build upon the significant assets in place to help Symantec accelerate value creation for all of its stakeholders.”
Dan Schulman, who has been appointed as lead independent director by Symantec, said that the board's decision was not based on any particular event or impropriety, but was instead made after ongoing consideration.
He said: “We are fortunate as a board to be able to name Steve as CEO and achieve continuity in leadership. Steve understands the company well, had a great track record at Intuit and General Electric and is a perfect fit for moving the company forward.”