Boston, MA 03/21/2014 (wallstreetpr) – Symantec Corporation (NASDAQ:SYMC) has announced the appointment of Mr. Michael Brown as the company’s interim president and Chief executive officer following the termination of Steve Bennet and his resignation form the board. A special committee has consequently been formed to oversee the appointment of the permanent CEO and president.
The board of directors honored the outgoing CEO on his achievement at the helm and wished him well on his future endeavors. Mr. Bennett is accredited to have overseen a series of successful initiatives that helped realign the organization, reduce cost of operations as well as accelerate process effectiveness.
Symantec Corporation (NASDAQ:SYMC) remains up-bit of attaining its earlier announced5% organic revenue growth with better than 30% non GAAP operating margin targets by FY17. The company is thus looking for a leader who will build on the solid platform in place and be able to take the company to another level.
Mr. Brown takes over at the helm having joined the company following its merger with VERITAS Software back in 2005. He has previously served as chairman and Chief executive officer of Quantum Corporation and having overseen its annual revenue grow from lows of $3 billion to highs of $6 billion. Mr. Brown is expected to work closely with the executive team in overseeing successful transition of leadership as well as overseeing the ongoing transformation.
Symantec Corporation affirms its Fourth quarter Guidance
Symantec Corporation (NASDAQ:SYMC) also reiterated its guidance for the fourth quarter for the current fiscal year, which had been announced back on January 29, 2014. Symantec Corporation expects to generate net revenues to be between $1.615 billion and $1.655 billion compared to a high of $1.748 billion a year ago. GAAP operating margin should consequently come in between 18 and 19.5% with Non GAAP operating margins of between 24.5 and 26% compared to 24.1% reported for the same period last year
TheStreet research firm currently rates Symantec Corporation (NASDAQ:SYMC) as a “Buy” as it continues to show strengths in increased bet income as well as reasonable valuation levels. Symantec Corporation has also been reporting a pattern of positive growth in its earnings backed by a solid financial base.
