The more things change, the more they stay the same
The only way Steve Bennett will effect true, genuine, real change for the better with his grand ambitious SYMC 4.0 will be to burn out the old guard and amputate. To cull the weeds at the root. That means fire and remove virtually ALL of the management structure, because it is absolutely full of duplicitous, back stabbing, game playing political shltbags at all levels. STILL.
For example, senioir vps and vps have been consolidating their "direct reports", increasing their "direct" reports (dotted line or otherwise) from a handful (five or so) as little as a week or two ago, to now over a dozen and in some cases over 20 plus! Do they know that HR is watching these shenanigans and manipulations, or is it as the water cooler rumors indicate - that for all the bluster, all the talk of change, things will remain status quo? Will these master vermin simply worm they way out of the unemployment line they deserve to be standing in?
People are jumping ship left and right according to the rumor mill. Unfortunately, none of the management-that-has-no-business-being-management has jumped ship or walked the plank as of yet, so we might end up with those who should rightfully be sent packing unfortunately retaining positions at the company, while once again true talent is lost due to the turmoil of the reorg. Just another game of rigged shuffling musical chairs it seems. Inherently, leopards do not change their spots. People do not change, no matter how much koolaid they serve at the magical, life altering SYMC 4.0 leadership training sessions. Waiting another few months to see things will just end up ultimately the same as they've been? Come on Steve. We want to believe! Make it happen for real!
Totally believable. Symantec is far too large and broken to be fixed easily, and frankly I'm surprised the stock has gone as far as it has on nothing much more than fumes. The company has been lowering guidance for every quarter so far that Steve has been on board. Sure the company had decent results the last few quarters, but that needs to be taken into context. There are two huge, temporary factors involved. One is the fact there was large year-end IT spend, especially in the storage space, so that was a huge contributor. So Symantec did nothing unique, many other companies such as IBM and Oracle experienced the same cyclical, temporary effect. And two quarters ago there was deep up-sell discounting to hit numbers. That too is temporary and unsustainable. And the second thing in play is outright fear among the managers. So fearful of their jobs in fact that you can bet they were driving their teams by any means to meet their numbers. Again, temporary and unsustainable.
So yes, the more things change, the more they will stay the same. Now, factor in all the internal chaos and disruption and you can be confident that another thing that will stay the same is missed quarterly numbers and the stock getting whacked hard like it has a reliable history of doing. Only a matter of time. I truly believe that Steve, while his intentions may be good, is unquestionably in over his head in a company he does not understand the complexity of yet. This will catch up the stock price sooner or later.
A lot of momentum is holding up the stock and the market, but is now based on too much forward speculation and too many high expectations. Too much downside risk and uncertainty for my comfort.