Despite the company announcing a four percent rise in its fourth quarter profits, at $1.79 billion, CEO Stephen Bennett said he was unhappy with the way the company’s management is run.
He said in previous restructuring exercises Symantec had targeted front line employees and spared the jobs of higher level staff. This meant that the company was left with “too many” layers of management, which wasn’t beneficial.
Speaking to the Dow Jones, Bennett said the axe would swing on three separate occasions, and by the end of June there would be fewer bigger jobs within the sales and marketing sectors. The company also plans to merge some product lines, which could suggest the axe grinding here, too.
Although he did not divulge how many pink slips will be issued, he admitted the company had saved around $275 million of its budget for severance pay, which the Dow Jones reported could mean 1,500 layoffs, based on the company’s past severance spend.
Bennett said the company will rely on resellers to help it sell consolidated product lines.
However, he hinted that, as a result of a smaller product portfolio, partners could also eventually be reduced.