SOURCE: Symantec

Symantec

July 25, 2012 07:00 ET

Symantec Announces Change in Executive Leadership

Steve Bennett, Chairman of Symantec Board, Named President and Chief Executive Officer; Dan Schulman Appointed Lead Independent Director

MOUNTAIN VIEW, CA--(Marketwire - Jul 25, 2012) - Symantec (NASDAQ: SYMC) today announced that Enrique Salem, president and chief executive officer (CEO), has stepped down effective immediately and Symantec's board of directors has appointed Steve Bennett president and chief executive officer, in addition to his continued role as chairman of the board.

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

"My view is that Symantec's assets are strong and yet the company is underperforming against the opportunity," continued 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."

"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. "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."

The board also decided at this time to make some changes to its committee composition and leadership. The board committee will be as follows:

Audit Committee: V. Paul Unruh (Chair); Frank E. Dangeard; Stephen E. Gillett; Robert S. Miller

Compensation Committee: Michael A. Brown (Chair); Geraldine B. Laybourne; David L. Mahoney; Dan Schulman

Nominating and Governance Committee: David L. Mahoney (Chair); Michael A. Brown; Frank E. Dangeard; Robert S. Miller; Dan Schulman

Additional information will be disclosed as part of Symantec's scheduled earnings conference call at 8:00 a.m. ET/5:00 a.m. PT today to discuss the results from the fiscal first quarter 2013, ended June 29, 2012, and to review guidance. Interested parties may access the conference call on the Internet at http://www.symantec.com/invest. To listen to the live call, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. A replay and script of our officers' remarks will be available on the investor relations' home page shortly after the call is completed.

About Steve Bennett
Steve Bennett joined Symantec's board of directors in February 2010 and became chairman in 2011. Bennett previously led Intuit serving as president and chief executive officer from 2000 to 2007. At Intuit, Bennett combined the company's historic innovative and customer-driven expertise with strategic and operational rigor. Intuit revenue grew to $2.7 billion in fiscal 2007 from less than $1 billion in fiscal 2000. Under Bennett's leadership Intuit grew its existing businesses while simultaneously expanding into new markets, such as online banking and healthcare.

Bennett joined Intuit after a 23-year career at General Electric, where he managed complex and diverse organizations from consumer appliances to financial services. During his career at GE, he held a variety of key management roles in numerous areas of the business, including GE Capital e-Business, GE Capital Vendor Financial Services, GE Electrical Distribution and Control, GE Appliances, GE Medical Systems and GE Supply.

He currently serves on boards at American Airlines and parent company AMR Corporation, along with Qualcomm. Bennett graduated from the University of Wisconsin with a bachelor's degree in finance and real estate.

About Symantec
Symantec protects the world's information, and is the global leader in security, backup and availability solutions. Our innovative products and services protect people and information in any environment -- from the smallest mobile device, to the enterprise data center, to cloud-based systems. Our industry-leading expertise in protecting data, identities and interactions gives our customers confidence in a connected world. More information is available at www.symantec.com or by connecting with Symantec at: go.symantec.com/socialmedia

NOTE TO EDITORS: If you would like additional information on Symantec Corporation and its products, please visit the Symantec News Room at http://www.symantec.com/news. All prices noted are in U.S. dollars and are valid only in the United States.

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FORWARD-LOOKING STATEMENTS: Any forward-looking indication of plans for products is preliminary and all future release dates are tentative and are subject to change. Any future release of the product or planned modifications to product capability, functionality, or feature are subject to ongoing evaluation by Symantec, and may or may not be implemented and should not be considered firm commitments by Symantec and should not be relied upon in making purchasing decisions.

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