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Symantec chief executive Enrique Salem steps down

25 Jul 2012
Symantec headquarters

Symantec chief executive Enrique Salem has stepped down from his role at the firm after the board of directors ruled his removal would be in the company's "best interests".

The company announced Salem's departure on Wednesday just hours before the firm's earnings conference call, was scheduled to begin at 1pm on Wednesday.

The call will discuss its results from the fiscal first quarter 2013, ended June 29, 2012, and the timing of Salem's departure suggests the board were unhappy with the financial performance of the firm under his leadership.

In its earnings report the company revealed that despite a modest one per cent year-over-year revenue growth to $1.7bn, first-quarter profits had dropped 9.9 per cent.

Steve Bennett, current chairman of Symantec's board, has been named Salem's official successor and Dan Schulman appointed lead independent director.

"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 chief executive," said Bennett.

"The board's decision to make a leadership change was not based on any particular event or impropriety but was instead made after ongoing consideration and a deliberative process," added Schulman.

Bennett joined Symantec's board of directors in February 2010 later becoming chairman in 2011. He previously led Intuit serving as president and chief executive officer from 2000 to 2007.

The new Symantec chief is one of many new chief executives in the technology industry with Yahoo having recently appointed Marissa Mayer as its new leader and VMWare confirming Pat Gelsinger as its new head.

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Alastair Stevenson

Alastair has worked as a reporter covering security and mobile issues at V3 since March 2012. Before entering the field of journalism Alastair had worked in numerous industries as both a freelance copy writer and artist.

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