Norton Antivirus Creator to Split into Two Businesses
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Symantec(MOUNTAIN VIEW, Calif.) — Symantec Corp., the maker of Norton Antivirus software announced on Thursday that its Board of Directors approved a plan that would separate the company into two independent publicly traded companies.
According to a press release, one of the to-be-formed companies will focus on security, while the other primarily works on information management. This separation, the company says, “will allow each entity to maximize its respective growth opportunities and drive greater shareholder value.”
“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,” Michael A. Brown, the company’s president and CEO said in a statement.
The company already has the leading overall market share in the security industry — nearly twice the nearest competitor, the company claims — and its security business will focus on the delivery of a unified security platform, growth of cybersecurity service capabilities and consolidation of existing Norton products into one offering.
Meanwhile, the information management side of the company will look to innovate its existing portfolio and deliver solutions to reduce costs for storing, managing and deriving business value from information. That new business will be run by General Manager John Gannon and its acting CFO Don Rath.
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