Symantec Shows CEO the Door Following 10 Percent Profit Drop

Symantec, apparently unhappy with the ways thing have been going, ousted its Chief Executive Officer of three years and severed ties with a man who had been with the company for almost two decades. That man is Enrique Salem, and his termination took affect immediately following a review by Symantec's board of directors. Stepping in his place is board chairman Steve Bennett, who had mostly good things to say about Salem, despite initiating the review that led to his immediate dismissal.

"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."

 Symantec Chairman Steve Bennett (pictured here) has been appointed CEO following the dismissal of Enrique Salem.

Symantec made the CEO swap just before announcing its first quarter fiscal 2013 results ended June 29, 2012. GAAP revenue for the quarter was $1.668 billion, up 1 percent year-over-year and 4 percent after adjusting for currency. That's the highest it's ever been, but at the same time, Symantec reported a 9.9 percent decline in first quarter profit.

News of Symantec's change in leadership sent the company's shares up 14 percent to $14.96 in after market trading. Since the opening bell this morning, Symantec's stock jumped even further and is currently trading at $15.10.