Symantec Profits Drop 10%, CEO Gets Fired

Enrique Salem worked at Symantec for 19 years, three of which had him as the chief executive officer, but the board of directors decided it was time for him to leave.

Symantec is famous worldwide for the Norton Internet Security software suite, as well as other programs and features meant to provide data and Internet protection.

As someone who worked for and with the company for almost two decades, Enrique Salem was responsible for much of that success.

Unfortunately, his good run is at an end, as the man has been shown the door following a review by the board of directors.

"Enrique Salem has been a significant contributor during his 19 years’ associated with Symantec, including the last three years as CEO," said Steve Bennett, the new chairman, president, and CEO.

"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."

Symantec's revenue for the first quarter of fiscal year 2013, ended on June 29, was $1.668 billion / 1.356 billion Euro. It was the biggest ever really, 1% above the same period of 2011 and 4% sequentially. Unfortunately, profit fell 9.9%.

Nevertheless, Symantec emphasized that there was no specific event or matter that led to the dismissal of Salem.

"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," said Dan Schulman, Symantec’s newly-appointed lead director.

Steve Bennet will keep his position as chairman of the board even after fully assuming the mantle of chief executive officer.

"My view is that Symantec’s assets are strong and yet the company is underperforming against the opportunity," Bennett said.

"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."