Infotech Lead America: Symantec has divided the roles of CEO and Chairman after posting 4 percent increase in revenue in third quarter of fiscal year 2013.
Symantec on Wednesday said it has split the roles of chairman of the board and chief executive officer.
As per the new restructuring, Steve Bennett will continue as president and chief executive of Symantec.
The board of directors has elected director Dan Schulman to the position of non-executive chairman.
Symantec has posted 4 percent increase in revenue in third quarter of fiscal year 2013 at $1.79 billion.
“As CEO, Steve has a vision for where he wants to take the company and help it reach its fullest potential. I look forward to working with him, the board, and everyone at Symantec to help transform the company to deliver greater value for employees, customers and shareholders,” said Schulman.
Separating the positions of chairman and CEO allows the CEO to focus on executing the company’s strategic plan and managing the company’s operations and performance.
“It enhances the board’s independent oversight of the company’s senior management team and enables better communications and relations between the board, the CEO and other senior management segments of the company,” said Bennett.
Schulman has been a member of Symantec’s board since March 2000. Since August 2010, he has been president of American Express’ Enterprise Growth group. Previously, Schulman served as president of Sprint’s PrePaid Group and chief executive officer of Virgin Mobile USA, until its acquisition by Sprint in the fall of 2009.
From May 2000 until May 2001, Schulman was president and chief executive officer of priceline.com, after serving as president and chief operating officer from July 1999. Previously, Schulman was president of the AT&T Consumer Markets Division of AT&T Corp., a telecommunications services company, and was appointed to the AT&T Operations Group, the company’s most senior executive body.