Symantec Corp, which completed a strategic review in January, plans to lay off a significant number of managers and reorganize internally into 10 main business areas, but has decided not to sell off major assets for now.
Chief Executive Officer Steve Bennett told Reuters in an exclusive interview that Janice Chaffin, consumer business president, will leave the company as part of the restructuring, which will usher in 10 product-focused divisions including security, cloud and backup software.
“We looked at five different scenarios and modeled them all and talked about them all,” Bennett said in an exclusive interview. They included divesting specific units among Symantec’s portfolio such as a highly profitable consumer anti-virus business and a sluggish storage management and backup software unit.
“We can create a lot more value by running the company,” Bennett told Reuters in the interview ahead of a meeting with analysts on Wednesday afternoon.
The former head of Intuit Inc and a General Electric veteran would not say how many managers would be laid off, but managers at his company on average have fewer than five people reporting to them among the comany’s 20,000 employees. That is about half as many as managers at a typical company, he noted.
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via UPDATE 1-Symantec CEO plans layoffs, no asset sales | Reuters.
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