![]() The security business will compete in a market projected to reach $38bn (£23.7bn) in 2018. “Separating Symantec into two, independent publicly traded companies will provide each business the flexibility and focus to drive growth and enhance shareholder value,” said Brown. Brown took over the running of the company after the previous CEO, Steve Bennett, was fired in March this year, as the company contended with a declining stock price and falling earnings. “It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation,” said Michael Brown, Symantec president and CEO. “Creating two standalone businesses will allow each entity to maximize its respective growth opportunities and drive greater shareholder value.” “Symantec’s decision to pursue a separation follows an extensive business review of the company’s strategy and operational structure,” it said. The board of directors unanimously approved a plan that will see the company separate into two businesses, one focused on security and one business focused on information management (IM). Symantec is of course best known for its Norton antivirus and BackupExec software, and the company is touting the breakup as way to “increase focus”, reduce “operational complexity” and achieve “strategic flexibility”. ![]() The confirmation came after a report earlier this week suggested that the company was engaged in “advanced talks” about a possible breakup. ![]() The world’s largest security software provider Symantec has officially confirmed it is to split into two independent publicly traded companies.
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