Symantec Seals Veritas Deal

Symantec became a much larger company over the weekend.

The Cupertino, Calif.-based security vendor on Saturday finalized its $13.5 billion merger deal with Veritas Software. Also on Saturday, Symantec said shares of Veritas stock were converted into Symantec stock, and Veritas shares will no longer be traded.

The merger agreement had won approval from shareholders of Symantec and Mountain View, Calif.-based Veritas on June 24.

Symantec Chairman and CEO John Thompson will retain his title in the combined company. Veritas Chairman and CEO Gary Bloom will serve as vice chairman and president of Symantec, with responsibility for sales, services, support and corporate development.

In other key executive posts, Greg Myers will continue as CFO, and John Schwarz will be responsible for all product development, security response and technology alliances, according to Symantec. Allyson Seelinger will lead the global channels segment, and Vince Steckler will oversee the global consumer and small-business segment.