CUPERTINO, Calif --January 4, 1999-- Symantec Corporation (Nasdaq: SYMC) announced that Howard Bain has stepped down as vice president of worldwide operations and CFO to become executive vice president and CFO of Informix Corporation, effective today.
Symantec's vice president of finance, Greg Myers, will be acting CFO for Symantec while an executive search is conducted for a permanent replacement. Mr. Myers, 48, joined Symantec in 1993 and was previously vice president of financial planning and analysis. He also has responsibility for Business Development and Investor Relations. "While Howard will be missed, the transition is a smooth one and Symantec expects to be within the range of analysts' estimates for the December quarter," said Myers. The company will report its results for the third fiscal quarter ended Friday, January 1, 1999 on Thursday, January 14.
The company also announced that Derek Witte, 42, has been promoted to vice president of worldwide operations and will assume Mr. Bain's responsibilities for manufacturing, facilities, purchasing, legal, and global information services. He will report to Symantec's president and CEO, Gordon Eubanks. Mr. Witte joined Symantec in 1990, and was previously vice president of legal and general counsel for the company.
Mr. Bain joined Symantec as vice president of finance in 1991 and had been CFO since 1997. "We appreciate the contributions Howard has made to our finance and operations groups over the past seven years and we wish him well as he moves on to a new challenge," said Gordon Eubanks, president and CEO of Symantec.
During his tenure at Symantec, Howard Bain managed the company's transition to Oracle Financials, and assisted the company in posting six quarters of record revenue and earnings growth. Howard Bain said, "I'm proud of the accomplishments in worldwide operations and finance that have supported Symantec's growth over the last few years. I believe Symantec has the people, products, and processes that will further enhance its global leadership position."
Symantec is the world leader in utility software for business and personal computing. Symantec products and solutions help make users productive and keep their computers safe and reliable anywhere and anytime. Symantec offers a broad range of solutions and is acclaimed as a leader in both customer satisfaction and product brand recognition. Symantec is traded on Nasdaq under the symbol SYMC. More information on the company and its products can be obtained at www.symantec.com.
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