Technology giant Symantec Corporation will be divided into two separate companies as one will concentrate on the computer security segment while the other will deal with information management.
The Symantec now formally joins the bandwagon of Silicon Valley breakups. Hewlett-Packard Co. splits into two while Paypal had parted ways with eBay.
Currently 14th largest employer in the realms of the Silicon Valley’s, Symantec currently has a workforce that is consisted of 2,877 employees as of May on its base and boasts of 20,314 employees worldwide.
The Symantec’s tax-free breakup will be carried out December 31, 2015. CEO Michael Brown will still be the president and CEO of the company while Thomas Seifert will go on as the company’s CFO. On the other end, the former president and COO of Quantum, John Gannon, will act as the general manager of the breakaway information management company.
Brown quipped on his statement, “As the security and storage industries continue to change at an accelerating pace, Symantec’s security and IM businesses each face unique market opportunities and challenges. It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation.”
The shares of company posted a decent 2% increase in the stock market shortly after the split was made to public. Prior to this the stock had dropped to 2.4% to $23.44. The share of the company has been leveled for the past one year.