It may seem extremely risky for a major tech company to switch CEOs in a worsening recession. But try telling that to Enrique Salem.
Salem, who will assume leadership of Symantec (SYMC Quote) next year, thinks the fraught economy could actually help the company's transition. "This is as good a time as any to be moving into my new role," he told TheStreet.com, in an interview. "It becomes pretty clear what you have got to do. In more difficult times, the moves that you have to make become more obvious." Salem, who is currently Symantec's chief operating officer, will take the reins of the software giant in April 2009, when current CEO John Thompson retires after 10 years at the helm. Despite Salem's optimism, all is not well in the software market, and Symantec is feeling the effects of the economic slowdown. The company, which competes with EMC (EMC Quote) and McAfee (MFE Quote), warned that sales could be sluggish in the current quarter and also suffered a recent slump in its business. Like many tech firms, Symantec's stock has tumbled in recent weeks. The software company's shares closed at $10.95 Friday and were trading at $11.46 Monday, well below their 52-week high of $22.80. "In some ways, it's easier to make what I would consider some of the tougher decisions," explained Salem, unfazed by the prospect of steering Symantec through choppy waters. "You probably have to be a little bit more impatient and move a little more quickly in these kinds of times."- Loading Comments...
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