Symantec has confirmed that CEO Michael Brown is to step down, as it reported a drop in shares and its estimated revenue was $12 million lower than its forecast of $885 million-$915 million.
Brown, who has been the CEO for more than one-and-a-half years, will continue in his post until a successor has been appointed. The company said Ajei Gopal, who is also going to be part of the office, is rejoining Symantec as chief operating officer, according to Reuters. The security software maker said it formed an "office of president" to focus on the company's strategic priorities as it continues its search for Brown's successor.
Brown was appointed in March 2014 after replacing Steve Bennett who served as the President and Chief Executive Officer between 2012 and 2014, and he was preceded by Enrique Salem.
Brown oversaw the division into two separate public companies; one focused on IT security and the other on information management. In August 2015 it completed the $8 billion sale of its Veritas data-storage and recovery division.