CUPERTINO, Calif. - January 21, 1999 - Symantec Corporation (Nasdaq: SYMC) today announced a management expansion plan designed to build on the momentum of the last two years and prepare the company for its next stage of growth.
Gordon Eubanks announced that he intends to hire a president and CEO and will then take over as chairman of the board. There is no specific timeframe for the change to take place, but the company expects to find an appropriate CEO in the next few months. In the interim, Eubanks will remain as president and CEO.
"I decided to make this change as part of enhancing our management team," said Eubanks. "December was a record quarter for us and we have great momentum. We are in a position of strength. These changes are aimed at making sure we build on this momentum and equipping the company with the best people to execute our strategy and align the company to achieve further growth."
The appointment of a new president and CEO will enable Eubanks to focus on Symantec's long-term vision and future strategy. Other recent appointments that form part of the management expansion are the promotion of Dana Siebert to executive vice president of worldwide sales, marketing and services, and Derek Witte to vice president of worldwide operations.
Eubanks has been president and CEO of Symantec since 1984. In 1998, Symantec's annual revenues totaled more than $600 million dollars, making it one of the largest PC software companies in the world.
Forward looking statement
This press release contains forward-looking statements. There are certain important factors that could cause Symantec's future development efforts to differ materially from those anticipated by some of the statements made above. Among these are the anticipation of the growth of certain market segments, the positioning of Symantec's products in those segments, the competitive environment in the software industry, dependence on other products, changes to operating systems and product strategy by vendors of operating systems, and the importance of new Symantec products. Additional information concerning those and other factors is contained in the "Risk Factors" section of the company's annual report on Form 10-K for the fiscal year ended April 3,1998 and in the company's quarterly report on Form 10-Q for the second fiscal quarter ended October 2, 1998.
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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