Verisign CFO resigns, company restates earnings
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InfoWorld - Verisign Chief Financial Officer (CFO) Dana Evan resigned Tuesday, and the company has restated earnings from 2002 to 2005, declaring an additional $160.3 million in stock-option compensation, it said Thursday.
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Affiliated Computer Services Inc.   said on Monday its chief executive and chief financial  officer had resigned as it completed an internal investigation  into its stock option practices.
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The Ambac Financial Group, a bond insurer, said Wednesday that its chief risk officer had resigned.
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Troubled office products retailer OfficeMax Inc. announced the resignation Monday of its CEO  --  the third high-level executive to depart the company this year  --  and fired two more employees as a result of an ongoing internal investigation into its accounting. Its shares tumbled more than 6 percent.
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Former CEO quits on heels of bad quarterly loss.
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CFO leaves and layoffs are expected after lackluster earnings, as the merged company struggles to adjust.
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Stratton Sclavos' departure comes after 12 years with VeriSign. No reason was given for his resignation.
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The results were probably the last time that Dow Jones, which agreed to be sold to the News Corporation for $5 billion, would report earnings as a separate company.
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Progress Software said yesterday that it would restate previous financial results because of errors in stock-based compensation.
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(InfoWorld) - VeriSign, a vendor of cybersecurity products and operator of the .com and .net top-level domains, has replaced CEO Stratton Sclavos with a member of its board of directors. William Roper Jr., a former executive vice president and chief financial officer at Science Applications International, will take over as VeriSign's president and CEO, the company said in a press release. Roper has served on the company's board of directors since November 2003. Roper also worked at Network Solutions, a domain name registrar, from 1995 to 2000. Sclavos, one of VeriSign's first employees, served as the company's president, chairman, and CEO before his resignation. The board also elected Edward Mueller chairman. Mueller, who joined VeriSign's board in March 2005, is the former CEO of Williams-Sonoma, a specialty retailer. The company is in the midst of restructuring, and Roper said in a statement he was pleased with the progress so far. VeriSign also reported that a review of the company's historical stock option grant practices by members of its board of directors is substantially completed. The review did not find intentional wrongdoing by any current member of senior management, including Sclavos, the company said. VeriSign, in November, announced it would have to restate as much as $250 million in earnings between 2001 and 2006 due to administrative mistakes. A VeriSign spokeswoman declined to talk about the reason for Sclavos' departure. "It definitely was not related" to the stock options probe, she said. Sclavos, who has worked at VeriSign for 12 years, said in a statement that he was "proud of my role in building VeriSign into the great company it has become." VeriSign's 2007 analyst day, previously scheduled for June 6 at VeriSign's corporate headquarters in Mountain View, Calif., has been postponed.
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NASDAQ, Wells Fargo not happy bunnies Novell's board has approved pay rises for the company's CFO and CEO just days after NASDAQ handed the company a delisting notice for its delay in filing its third quarter results.â¦
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Affiliated Computer Services Inc.  said on Monday its chief executive and chief financial officer had resigned as it completed an internal investigation into its stock option practices.
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The chief executive and chief  financial officer of U.S. mortgage finance giant Fannie Mae  stepped down late on Tuesday after regulators exposed  accounting errors that are expected to force a massive earnings  restatement.
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Marvell Technology Group,Â embroiled in a backdating investigation, filed a delayed earnings report with stock regulators this week and announced the resignation of the interim chief financial officer who had agreed to remain in his job until the filing was made.
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U.S. mortgage finance giant Fannie Mae  confirmed late on Tuesday that embattled Chief Executive Franklin Raines and Chief Financial Officer Timothy Howard were stepping down after accounting errors that are expected to force a massive earnings restatement.
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Jim Balsillie, the co-chief executive of BlackBerry maker Research In Motion Ltd.,  has stepped down as chairman on Monday as the company announced a $250-million earnings restatement relating to mistakes in how it granted stock options in the past.
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By Frank Michael Russell, San Jose Mercury News, Calif.  Jun. 3--Sclavos resigned as chief executive at VeriSign, the Mountain View Internet infrastructure company. Neither VeriSign nor Sclavos -- who had led the company since 1995 -- provided a reason for the departure.