Its name is synonymous with web security, but McAfee (MFE) may need a little protection itself, after losing its CEO amid an options scandal that required the company to restate 10 year’s worth of earnings. McAfee purged former management and brought in a tech industry veteran with an expertise in data storage. But with growing competition from Symantec (SYMC) and lingering options questions, can one man secure this security company for shareholders?
McAfee’s David DeWalt is today’s special guest. This is his first TV appearance since being named Chief Executive.
He says it takes a team to turn around a company and his plan is to build a great team at McAfee. He’s impressed with the new management in place and he’s excited to start in his new role as CEO on April 2nd.
Dylan Ratigan asks about the opportunity to provide security for computers. He wants to know if the products are there to capture the market?
David DeWalt says he thinks so. He says McAfee has a great line of products.
Dylan ask how much is the market worth?
David says it’s a multi-billion dollar market and growing every day. There are 1000’s of new threats to computer security everyday and there will always be growth opportunities.
Dylan says coming into this new job DeWalt is facing 10 years of re-stated books, and CEO scandal. Consequently, there are a lot of pundits who think David DeWalt will sell the company.
David responds that he’s coming in with the same management plans he had when he was at Documentum Inc. and insists McAfee won’t be sold. (FYI He sold Documentum)
Eric Bolling says he likes McAfee, but likes Symantec a little more. Symantec provides security for WiFi which Eric thinks is attractive to areas that can’t get cable modems.
Tim Strazzini says he likes the McAfee, story but thinks it’s fully valued.
Guy Adami and Jeff Macke both think DeWalt is going to sell the company.