Another 24/7 Wall St. Target CEO Bows Out (SYMC)

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Back in late 2007, we listed John Thompson of Symantec Corporation (NASDAQ: SYMC) as one of our 10 CEO’s which need to leave in 2008.  This was with some mixed emotion because we have heard such great things about him and believed him to be a high-caliber person.  Because we thought well of him, despite his company’s share performance, we said:

  • It isn’t too late for Thompson and we think there is a real shot that he’s be more valuable to keep as Chairman  with a new CEO rather than an outright revolution.  We’d think Wall Street would also like him to remain on as Chairman for some oversight, contacts, and knowledge.

After today’s close came the announcement from the company.

John W. Thompson will retire as CEO at the end of the fiscal year.  Thompson will remain chairman of the board.

Enrique T. Salem, Symantec’s chief operating officer today, will becomepresident and chief executive officer effective April 4, 2009.   Hewill also join the board of directors.

This either marks our 7th or 8th of our 10 CEO’s To GO for this year.  Of that list we only had two financial CEO’s because that list would have essentially been "all of them."

Jon C. Ogg
November 17, 2008