Symantec CEO Michael A Brown has decided to step down after the company said there will be pressure on both revenue and net income in its latest quarter.
The security company also said Ajei S Gopal will be re-joining Symantec as interim president and chief operating officer. The US-based technology company is looking for a CEO.
Symantec said revenue is now expected to be $873 million in Q4 fiscal 2016 compared to previous guidance of $885 to $915 million.
Symantec says a shift in enterprise security customer buying preferences is resulting in less license revenue during the quarter and more revenue being deferred to future periods. “This included a faster than expected shift within our product mix to subscription and ratable contract structures,” said Symantec.
The shift of Symantec to more ratable revenue is consistent with its unified security strategy, as more customers are buying security offerings that require continuous protection and monitoring to remain up-to-date and protected against the latest threats.
In the interim, the internet security company has created an Office of the President including Ajei S Gopal, who is joining Symantec as interim president and chief operating officer; Thomas J Seifert, Symantec’s chief financial officer; and Scott C Taylor, Symantec’s general counsel and secretary.
The team will implement cost-efficiency measures to deliver on goal of reducing costs by $400 million over the next two years.