Cybersecurity company Symantec is cutting 152 jobs at its Mountain View headquarters and 18 in San Francisco, along with 36 in Culver City (Los Angeles County), a California filing revealed, giving a sense of planned job cuts’ local impact.
The tech company, with more than 11,000 employees worldwide, serves more than 50 million people with Norton antivirus software and LifeLock identity theft protection, but agreed last month to sell its enterprise division, which protects larger businesses, to chipmaker Broadcom of San Jose.
On August 8, the same day it revealed the enterprise deal, Symantec warned of job cuts, saying it would reduce employment by 7% through next March. Employees were notified of the layoffs that day, according to a company filing, with their employment ending October 15.
The company said it planned to downsize, vacate or close certain facilities and data centers. It estimated it would incur approximately $100 million in costs connected to the closures, with about $75 million for severance and termination benefits and $25 million for site closures.
The company did not immediately respond to requests for comment via phone and email late Wednesday about the layoffs.
In December, Symantec’s president and two other top executives left the company for undisclosed reasons. A board member, Rick Hill, was appointed interim CEO in May. The company said in August that it was still searching for a CEO to run the consumer side of the business that would remain after the Broadcom deal.
Symantec shares reached a recent low of $17.98 in June. Shares closed at $24.43 Wednesday, up 1.2%.
Mallory Moench is a San Francisco Chronicle staff writer. Email: [email protected] Twitter: @mallorymoench
Source: on 2019-09-11 20:22:30
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