Ousted Symantec CEO may get $18.5 mln in severance payment

March 21 Fri Mar 21, 2014 11:03am EDT

Related Topics

March 21 (Reuters) - Symantec Corp's sacked Chief Executive Stephen Bennett may get as much as $18.5 million in severance payment, based on his employment agreement.

Symantec fired Bennett on Thursday and appointed board member Michael Brown as interim CEO. The company did not give any reason for sacking Bennett.

Bennett is entitled to a severance payment if his services were terminated without cause within 12 months, according to a regulatory filing in August 2013.(r.reuters.com/myw77v)

His total compensation was $13 million for the fiscal year ended March 2013.

Symantec's shares were down 14 percent at $17.98 on the Nasdaq in late morning trading on Friday. (Reporting by Supantha Mukherjee and Shailesh Kuber in Bangalore; Editing by Kirti Pandey)

FILED UNDER: