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Symantec CFO To Depart, Replaced By Blue Coat Systems CFO

Blue Coat Systems' influence continues to rise at Symantec, with the announcement Thursday that one of the few remaining Symantec executives in leadership CFO Thomas Seifert would step down.

Symantec announced on Thursday that CFO Thomas Seifert would step down, a move that takes away one of the last few remaining Symantec executives from the leadership lineup of the security vendor after its acquisition of Blue Coat Systems earlier this year.

Seifert will be replaced by former Blue Coat CFO Nick Noviello, effective December 1, Symantec said in announcement alongside its second quarter earnings. Seifert will remain with the company until March 2017 in an advisory capacity.

Symatec had previously announced that Seifert would be staying in his role as CFO as the companies integrated. There was no comment on where Seifert will be headed next.

[Related: Symantec Restructures Channel Group, Channel Chief Thompson To Depart]

Jason Eberhardt, vice president of strategic alliances at Chicago-based Conventus, said in an email that Seifert helped "build a foundation" at Symantec, saying he "did a great job from my perspective." That being said, Eberhardt said he is confident that the new Symantec leadership will help drive the next phase of evolution for the company.

"I believe in many of the initiatives that have taken place since the acquisition. This is another case of bringing in the right person to continue the journey with different goals … I am very excited for things to progress, and partnering with the number one security software company, and helping our mutual clients in cyber security defense," Eberhardt said.

Seifert was one of the last few remaining Symantec executives in power at the company since it completed its acquisition of Blue Coat in August. Former Blue Coat executives have since assumed the CEO, president, COO, head of worldwide sales, head of sales for the Americas, head of Americas channels, head of the global partner sales organization, head of the global systems integrator organization, and head of service provider, MSP and strategic partnerships.

From the Symantec side, John Sorensen remains with the company leading worldwide SMB, midmarket sales and channels. Sorensen had served as senior vice president of global sales prior to the Blue Coat acquisition.

Noviello assumes the CFO role from Blue Coat, where he had served as CFO since January 2016. Prior to that he served as CFO of NetApp. Since Blue Coat's acquisition by Symantec, Noviello had served as chief integration officer, helping integrate the two security vendors into a single company.

’I’m pleased to welcome Nick as Symantec’s next CFO. In addition to his extensive technology background and public company, financial and operational leadership experience, he brings an acute understanding and appreciation for Symantec's outstanding people and the critical threat protection we provide for our customers in today's increasingly complex security landscape," CEO Greg Clark said in a statement about the appointment.

"I have been continually impressed by Nick’s leadership, both at Blue Coat and throughout the integration process, and am confident that he will be an excellent CFO for Symantec during our next phase of growth as we strengthen our position as the clear leader in cyber security," Clark said.

In a statement about his departure, outgoing CFO Seifert said that he assumed his post in March 2014 to help "lay the groundwork for Symantec's strategic and financial transformation." Seifert helped Symantec navigate through multiple major transitions, including its acquisition of Blue Coat, its divestiture of Veritas and a major cost-cutting initiative.

’I’m proud of the incredible progress we have made … Symantec is now the leading pure play cyber security company and in a strong financial position, and this is the right time for me to tackle a new challenge. I’m grateful for the support of my colleagues and the talented team at Symantec and am fully committed to ensuring a smooth transition," Seifert said in a statement.

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