Boston, MA 04/09/2014 (wallstreetpr) – Having sent its last CEO Steve Bennett packing because of underperforming, the security software vendor company, Symantec Corporation (NASDAQ:SYMC) has had to contend with the investor activists sniffing at its heels. They would take every chance to buy their way into the management and change the management as per their wish. There has been a call for the company to break up into its parts in the past few years. The immediate concerns are to avoid any major management shuffle that could result in the demand for a quick profit without any consideration for the long term interests of the company.
Leading Incidents
The sequence of incidents that led to this situation began with the sudden and abrupt firing of its CEO. He had assumed office only two years ago and had managed to trim its costs and faced loss of its markets. Symantec Corporation (NASDAQ:SYMC) was showing no signs of improvement, and this sudden decision was a direct result of the decline in the overall profitability of the company. Bennett was brought in to turn around the company after his predecessor left it at a 1% growth with no improvement prospects. But his actions were not yielding any radical results and so he was shown the way out.
Assistance from Banks
The company has apparently hired JP Morgan to help it craft its future course while it looks for a new CEO. It is not an easy task with Symantec Corporation (NASDAQ:SYMC)’s record of firing its top executives. This is usual practice in times of stress that it hires investment banks to provide the necessary direction in the interim. It will not be a good sign for the stakeholders, and there is a definite increase in loss of popularity among them. Symantec Corporation (NASDAQ:SYMC) is currently trading close to $20.58.
