Thu, 24 Jan 2013 20:10:55 GMT | By Reuters

Symantec CEO plans layoffs, no asset sales

The security software specialist plans to lay off a significant number of managers, but has decided not to sell off major assets for now


Symantec CEO plans layoffs, no asset sales (© Reuters)

San Francisco: 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. Bennett, brought onboard last year with a mandate to turn around the faltering security software specialist, also said the company will pay out its first-ever dividend starting next quarter, targeting a 2.5 percent yield based on its January 22 closing price of $20.86.

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