Symantec 2014 Annual Report Download - page 39

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‰We do not provide for gross-ups of excise tax values under Section 4999 of the Internal Revenue Code.
‰We limit any potential cash severance payments to under 3x our executive officers’ total target cash
compensation.
‰We have clawback provisions in all of our executive compensation plans (providing for the return of any
excess compensation received by an executive officer if our financial statements are the subject of a
restatement due to error or misconduct).
‰Our executive officers are prohibited from short-selling Symantec stock or engaging in transactions involv-
ing Symantec-based derivative securities, and are also prohibited from pledging their Symantec stock.
‰Our equity incentive plan prohibits the repricing or exchange of equity awards without stockholder appro-
val.
‰We seek stockholder feedback on our executive compensation through an annual advisory vote and
ongoing stockholder engagement.
Summary of Compensation Matters During Fiscal 2014
Business Changes and Performance in Fiscal 2014
In fiscal 2014 we implemented a number of operational changes to improve long-term performance and
growth for Symantec:
‰We simplified our organizational structure to reduce complexity, remove redundancies, increase the speed
of decision making and improve accountability.
‰We redesigned our sales coverage model by: (i) splitting our direct field sales team into security and
information management specialists; (ii) building a dedicated renewals team to focus on extending and
broadening our customer relationships; and (iii) redesigning our global channel strategy to focus on build-
ing partner competency, rewarding performance and customer satisfaction.
‰We changed our product offerings by making our point solutions better, and designed new integrated sol-
utions and expanded our offerings by entering into key partnerships to offer solutions that provide multi-
tier protection.
In fiscal 2014, we also experienced significant departures of several of our senior executives, including the
following:
‰Stephen M. Bennett, our former President and Chief Executive Officer, was terminated by the Board on
March 19, 2014;
‰James A. Beer, our former Executive Vice President and Chief Financial Officer resigned effective
October 8, 2013;
‰Andrew H. Del Matto, who served as our former acting Chief Financial Officer and Chief Accounting
Officer following Mr. Beer’s departure, resigned effective December 31, 2013; and
‰Francis A. deSouza, our former President, Products and Services resigned effective November 11, 2013.
In addition to the changes noted above, Donald J. Rath, our current Vice President, Tax, served as our
interim Chief Financial Officer and interim Chief Accounting Officer while we searched for a permanent Chief
Financial Officer and Chief Accounting Officer from January 1, 2014 to March 17, 2014.
Despite these changes, we have recruited and are retaining a number of talented executives, and continue
operating with a strong team of business and technology leaders, including:
‰Thomas J. Seifert, our Executive Vice President and Chief Financial Officer who joined us on March 17,
2014, brings a wealth of operational and finance experience from a number of global technology compa-
nies;
‰Stephen E. Gillett, our Executive Vice President and Chief Operating Officer, has been key in implement-
ing our operational changes;
29