Symantec CFO Thomas Seifert leaves at short notice

  • Strong signs for push-out forces
  • After almost three years on the job
  • Laud, praise, thanks and good wishes for Seifert
  • Nick Noviello to take over

(management-change.com) — Mountain View, California, November 03, 2016 — Thomas Seifert, finance chief of Symantec, leaves. It is a change at short notice. As announced by Symantec Corp. in a news release and in a regulatory filing published on Thursday, November 03, 2016, Thomas J. Seifert leaves the post as Chief Financial Officer at the cyber security company in a surprising move after almost three years on the job, effective November 30, 2016.

Seifert’s duties are taken over by Nick Noviello, most recently Chief Financial Officer at Blue Coat.

“The right time for me to tackle a new challenge”

Seifert’s imminent departure is explained as follows. Seifert said: “Symantec is now the leading pure play cyber security company and in a strong financial position, and this is the right time for me to tackle a new challenge.”

“Seifert … provided notice”

Symantec said: “Thomas Seifert, Executive Vice President and Chief Financial Officer of the Company, provided notice to the Board of Directors … of the Company that he would resign from his position as Chief Financial Officer of the Company effective November 30, 2016.”

Precise information about the future plans of Seifert was not immediately available.

Chaired by Daniel Schulman

Symantec Corp. is chaired by Daniel H. Schulman.

Daniel H. Schulman has been a member of Symantec’s board of directors since March 2000, and was named chairman of the board in January 2013.

Greg Clark serves as CEO of Symantec Corp. Greg Clark was named chief executive officer of Symantec and joined Symantec’s Board of Directors following the company’s acquisition of Blue Coat, Inc. completed in August 2016.

On the job as CFO since 2014

Seifert has been the Chief Financial Officer and Executive Vice President of Symantec Corporation since March 17, 2014.

Seifert, who has led Symantec’s finance organization since March 2014, will continue to serve in an advisory capacity until March 2017 to facilitate a smooth transition of responsibilities.

Thomas Seifert joined Symantec as executive vice president and chief financial officer in March 2014.

Seifert came to Symantec from Brightstar, where he served as executive vice president and chief financial officer.

At Brightstar, he managed the company’s financial operations, corporate accounting, treasury, and information technology.

Prior to Brightstar, he was chief financial officer and chief accounting officer at Advanced Micro Devices (AMD) from 2009 until 2012.

He managed the company’s financial operations and was AMD’s interim chief executive officer for eight months in 2011.

Seifert held a number of executive roles earlier in his career in the technology and wireless industries.

Beginning in 2006, he served as chief operating officer for Qimonda AG and also as the chief financial officer beginning in 2008.

In this role, he was involved in the formation and IPO of the company.

Prior to Qimonda, he was group vice president and general manager of the Memory Products Group at Infineon Technologies AG from 2004 until 2006.

Seifert was also senior vice president, chief operating officer and chief executive officer of Wirelines Communications Business Group from 2000 until 2004.

Seifert holds a bachelor’s degree and an M.B.A. from Friedrich Alexander University in Germany. He also holds a master’s degree in economics from Wayne State University in Detroit, Mich.

Strong signs for push-out forces

It is not completely certain what forces eventually triggered Thomas J. Seifert’s move.

The Push-out Score™ determined by management-change.com suggests strong signs for push-out forces that may have contributed to the management change.

Read the full story in the management-change.com report 41.2016 ($).