After days of rumors, Symantec has confirmed it will split into “two, independently publicly traded companies” – one focused on security and the other on information management, or storage.
Both industries are changing at “an accelerating pace,” the company's president and CEO, Michael A. Brown, said in a press release. And as their paths diverge, creating two standalone businesses will let each develop “distinct strategies,” reduce operational complexity and hone in on unique growth opportunities.
Brown will continue as president and CEO of Symantec with Thomas Seifert remaining the CFO. John Gannon, previously president and COO at Quantum, will become general manager of information management business with Don Rath serving as acting CFO. Symantec has gone through repeated changes at the top--Brown became the company's third president and CEO in less than two years when he took the reins last March.