Symantec to Expand Management Team for Next Phase of Growth
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
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,
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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