Changing of the Guard at Symantec, John Thompson Exits Chairman Role (SYMC, INTU, AMR, QCOM)

Symantec Corp. (NASDAQ: SYMC) is announcing the changing of the guard at its Chairman position.  Independent board member Steve Bennett will be elected to succeed former CEO John W. Thompson as Chairman with an effective date of October 25, 2011.

Thompson was formerly one of our “CEOs To Go” with the caveat that he could drop the day-to-day operational role as CEO and still remain on as Chairman.  The reasons given for Thompson’s departure was to “pursue other business and personal interests.”

Bennett has been a Symantec board of directors member since February 2010. He previously served as President and Chief Executive Officer at Intuit and he currently serves on the boards at AMR Corporation (NYSE: AMR), Qualcomm Inc. (NASDAQ: QCOM), and Vertafore.

This replacement matters.  Thompson was formerly deemed a great CEO and he has been a respectable Chairman.  The problem is that Symantec got bogged down with its Veritas acquisition and its stock has been stuck in the mud ever since that key merger was announced.

Our recommendation to the incoming Chairman: Institute a dividend policy immediately as your first order of business.

JON C. OGG