Symantec to Replace CEO

In a move the company said was needed for the 'next phase of growth,' Symantec Corp. announced that Gordon Eubanks would give up his duties as president and CEO to become chairman of the board.

In a move the company said was needed for the "next phase of growth," Symantec Corp. announced that Gordon Eubanks would give up his duties as president and CEO to become chairman of the board.

Eubanks will assume his new role at Cupertino, Calif.-based Symantec once he finds a replacement, probably in the next few months, the company said in a statement released yesterday. Eubanks has served as president and CEO since 1984.

"I decided to make this change as part of enhancing our management team," Eubanks said in a statement. "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."

According to the company, Eubanks is making the change to focus on Symantec's "long-term vision and future strategy."

Last week, the company reported third-quarter net income of US$23.8 million, or 42 cents per share, on revenue of $165 million. Net income after onetime charges of $7.6 million related to Symantec's acquisition of Quarterdeck Corp. was $16.2 million.

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