Symantec Corporation, the maker of popular antivirus software products, is planning to split its business into two units, as it struggles to compete with younger security companies.
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In a statement, Symantec said that its Board of Directors approved a plan to separate the company into two publicly-traded units, with one focusing on security and another focusing on information management. Symantec hopes that the move will allow each company to maximize growth opportunities while boosting shareholder value.
The announcement comes just days after HP revealed that it is chopping its business into two. Michael Brown, Symantec president and chief executive officer, says that the separation will also reduce operational complexity and allow management to set distinct capital allocation policies.
“Taking this decisive step will enable each business to maximize its potential. Both businesses will have substantial operational and financial scale to thrive,“ he said.
Brown will remain as President and CEO of Symantec while John Gannon will be the general manager of the Information Management unit. The separation is expected to be completed by December 2015. Shares rose 2.2 percent to $23.96 after the news broke out.
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