Symantec on Thursday announced that Michael A. Brown has been appointed as the company’s CEO, effective immediately.
Brown has been serving as interim president and CEO since March 2014 after former CEO Steve Bennett was terminated by the security company.
A special committee of the board began the search for a permanent CEO with the assistance of an executive search firm back in March, but has since decided that Brown would be an ideal leader in the long term.
Michael A. Brown, CEO of Symantec
(Image Credit: Symantec)
“The Board ran a robust and diligent global CEO search over the last six months, during which we received interest from world-class candidates, including current and former CEOs and technology leaders from successful public companies,” David Mahoney, head of the Board’s CEO search committee, said in a statement. “Mike went through this same rigorous process and distinguished himself among the candidates.”
Symantec said that during the search process, over 100 qualified candidates were reviewed and more than 30 were actively vetted.
“As interim CEO, Mike brought energy and intensity to the organization that created momentum in the business, made significant improvements to Symantec’s operating and financial performance and brought additional talent to our industry-leading team,” Dan Schulman, Chairman of Symantec’s Board, added. “Most importantly, he demonstrated vision and creativity as he has worked with the Board and the management team to develop a strategic plan based on focused investment and innovation in key areas of high customer need.”
“The demand for security and information management solutions has never been greater, and I am honored to be named Symantec’s Chief Executive Officer as we work to deliver innovation and value for our customers,” Brown said.
“In my time as interim CEO, Symantec has made significant progress to strengthen our business and accelerate our innovation, and I am proud of the individual and collective efforts of Symantec’s team,” he continued. “Specifically, we are focusing our investments in businesses where demand is greatest and improving operational efficiencies to grow revenue and operating margin. I look forward to continuing to focus the company’s strategy to deliver for our customers and our shareholders.”
According Symantec, Brown will share the company’s strategic plan with shareholders, customers and employees within the next 30 days. The plan will build upon the company’s stated priorities, increase focus on the customer and build shareholder value, Symantec said.
Brown joined Symantec’s board of directors following the company’s merger with VERITAS Software in July 2005, and previously served as chairman and chief executive officer of Quantum Corporation.
Shares of Symantec (NASDAQ:SYMC) traded at $23.73 per share at the close of trading on Thursday. Following the annoucement, which was made after the bell, shares rose slightly in after horus trading.