Symantec Names Blue Coat's Michael Fey as Chief Operating Officer
July 11 2016 - 6:01PM
Dow Jones News
By Ezequiel Minaya
Symantec Corp. said Monday that Blue Coat Systems Inc.'s chief
operating officer, Michael Fey, will remain in the role after the
companies merge.
Last month, Symantec agreed to buy Blue Coat in a $4.65 billion
deal. Blue Coat Chief Executive Greg Clark was slated to head
Symantec once the deal closes, which is expected sometime before
October.
Mr. Fey joined Blue Coat as chief operating officer in 2014.
Before that appointment, Mr. Fey served in various executive
positions for Intel Security.
Following a rash of high-profile breaches, computer security is
now a major topic of discussion in corporate boardrooms. While
Symantec is a pioneer in antivirus software that runs on personal
computers, Blue Coat's domain is the World Wide Web. The company's
technology is used by more than 15,000 companies to block dangerous
or inappropriate websites.
The deal is Symantec's largest acquisition since its 2005
purchase of Veritas Software, and the latest in a series of big
steps it has taken as Symantec tries to turn around its fortunes in
the increasingly competitive market for computer-security
products.
In January, Symantec sold off its Veritas data-storage division
to Carlyle Group for $7.4 billion. Back in 2005, Symantec had paid
more than $10 billion for the company, but the acquisition proved
to be an unwieldy distraction.
-- Robert McMillan and Dana Cimilluca contributed to this report
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
July 11, 2016 17:46 ET (21:46 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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