Tech Industry

Symantec looking for a new CEO

Chief executive Gordon Eubanks will relinquish his title after 15 years but will remain as chairman.

Symantec is shuffling its management lineup.

Chief executive Gordon Eubanks said today that he will relinquish his title once a successor is named and then take over as chairman of the board for the PC tools and antivirus software maker.

Eubanks has been president and CEO of the Cupertino, California-based company since 1984. Last year, Symantec's annual revenues totaled more than $600 million.

"I decided to make this change as part of enhancing our management team," Eubanks in a statement. "December was a record quarter for us and we have great momentum. We are in 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 further our growth."

Symantec has no specific time frame but expects to find a new chief executive in the next few months. Until then, Eubanks will remain as president and CEO.

Thanks to strong Internet and international sales, Symantec in January reported a third-quarter income of $23.8 million, or 42 cents a share, beating analysts' estimates by a penny. Symantec earned $21.8 million, or 37 cents per share, during the same period last year.

The appointment of a new chief executive will enable Eubanks to focus on the company's long-term vision and future strategy, he said.

Other recent appointments that form part of the management expansion are the promotion of Dana Siebert to executive vice president of worldwide sales, marketing and services, and Derek Witte to vice president of worldwide operations.