Symantec Labels CEO as Virus, Removes From System
The move was made due to Symantec's underperformance.
The security software company has given the boot to CEO Enrique Salem this week and is handing the reins to Chairman Steve Bennett.
Speaking on why the company made the move, the new head honcho said the following: "My view is that Symantec's assets are strong and yet the company is underperforming against the opportunity."
And when there's no clear answer why a company isn't performing to its ability, the burden usually ends up resting at the top.
In the short-term, it looks like the move was the right one -- Symantec stock finished 17 percent higher today – and it was only his first day!
Many analysts, including Forbes columnist Richard Stiennon, believe that the company's poor showing in the security market shouldn't have called for a change of leadership, but a change in the way the company operates.
Stiennon points out that the moment that Symantec purchased Veritas, a storage management company, its focus was taken off the market that it has had success in – security.
"The primary driver is the threatscape which evolves continuously," wrote Stiennon. "New threats and new threat actors drive innovators to create new products and services. Symantec took their eye off the ball when they acquired Veritas. 2005 was way too early for a software security vendor to attempt to mature into a tech holding company like IBM or HP."
Did Symantec extending its reach cause it to lose its footing? How have you seen the company change over the years?