Symantec to split into security, information management businesses

10 Oct 20142 Shares

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Antivirus maker Symantec plans to spin off into two publicly traded companies, with one focused on security and the other zeroing in on information management, by the end of next year.

The decision by Symantec’s board of directors to divide the company comes after an extensive business review of Symantec’s strategy and operational structure.

Two standalone businesses will allow each organisation to maximise investments and growth opportunities, reduce operational complexity, and drive greater value for shareholders, the company said.

Michael A Brown, president and CEO of Symantec, said the separation will enable each business to maximise its potential.

“As the security and storage industries continue to change at an accelerating pace, Symantec’s security and information management businesses each face unique market opportunities and challenges,” Brown said.

“It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation.”

Once the spin-off is complete, Brown will continue to serve as president and CEO of Symantec and Thomas Seifert will continue to serve as CFO.

John Gannon will be general manager of the new information management business and Don Rath will be its acting CFO.

News of Symantec’s spin-off follows computer maker HP having revealed earlier this week its plans to divide itself into two companies: Hewlett-Packard Enterprise, which will focus on servers and software, and HP Inc, a PC and printing company.

Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com