Symantec’s president and two other top executives have left the company following a rocky year for the security software vendor.
Late last week Symantec announced that its President and Chief Operating Officer Michael Fey resigned, effective immediately. The company did not provide additional details about Fey’s departure but said Symantec CEO Greg Clark has been named president.
Additionally, Chief Marketing Officer Michael Williams and Bradon Rogers, senior vice president of the company’s Go-to-Market teams, also left the company, according to a memo obtained by Bloomberg. Symantec did not announce these two departures. In an email to SDxCentral a Symantec spokesperson said the company doesn’t have additional comments.
Internal Investigation, Job Cuts
The executive team shakeup caps a tumultuous year for the company that, in May, revealed an internal investigation into concerns raised by a former employee about Symantec’s financial disclosures.
Later in August the company announced plans to cut about 8 percent of its global workforce amid disappointing quarterly revenue and earnings forecasts, causing its shares to plummet.
In documents filed on Aug. 2, the company said the planned cuts target about 900 employees and are part of a larger restructuring plan to save about $115 million annually. It will also cost Symantec about $50 million, primarily for severance and termination benefits. The company says it expects to complete the layoffs in fiscal 2019.
A month later Symantec said it concluded the internal investigation. The audit committee found “relatively weak and informal processes with respect to some aspects of the review, approval, and tracking of transition and transformation expenses.”
The committee reviewed one transaction with a customer for which $13 million was recognized as revenue in the fourth quarter of fiscal year 2018. It concluded that $12 million of the $13 million should be deferred. As a result, the company will need to revise its previously reported financial results for the fourth quarter of fiscal year 2018 and the first quarter of fiscal 2019.
Symantec did, however, report better-than-expected second quarter fiscal 2019 results last month with non-GAAP revenue reaching $1.184 billion, coming in above guidance.