Ousted Symantec CEO May Get $18.5 Mln In Severance Payment

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Symantec Corp's sacked Chief Executive Stephen Bennett may get as much as $18.5 million in severance payment, based on his employment agreement.

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Symantec fired Bennett on Thursday and appointed board member Michael Brown as interim CEO. The company did not give any reason for sacking Bennett.

Bennett is entitled to a severance payment if his services were terminated without cause within 12 months, according to a regulatory filing in August 2013.(http://r.reuters.com/myw77v)

His total compensation was $13 million for the fiscal year ended March 2013.

Symantec's shares were down 14 percent at $17.98 on the Nasdaq in late morning trading on Friday.