VeriSign CFO quits; options costs seen at $160 million
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VeriSign Inc. , an Internet security company, said on Thursday that Chief Financial Officer Dana Evan resigned and the company restated financial reports to account for $160.3 million in stock-based compensation.
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InfoWorld - After a dozen years serving as the chief executive of VeriSign,&#160;Stratton Sclavos resigned&#160;on May 29, leaving some onlookers wondering why, even as longtime critics on Wall St. openly praised his departure.
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CA's chief financial officer said the software vendor expects to make additional restructuring moves in a bid to reduce its annual costs by another $200 million.
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(InfoWorld) - 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. Marvell's interim CFO, Michael Tate, will serve his final day Friday, the company said. Tate had also held the titles of vice president, corporate controller, and treasurer in his six years at Marvell before agreeing earlier this year to help complete the financial filings. His departure marks the latest in a series of executive shakeups since the investigation ensued. By delivering the missing earnings report for the first quarter of 2007 to the U.S. Securities and Exchange Commission, Marvell finally satisfied demands set by the Nasdaq stock market to continue trading its shares. Investors gained confidence in that move, driving the stock up to $19.10 from $17.98 on Tuesday, before it settled back to $18.35 at midday Thursday. Marvell did not respond to requests for comment. One financial analyst maintained a "buy" rating on Marvell stock but scaled back his profit forecast because of concerns about increased research and development spending revealed in the new financial restatements. Despite those troubles, Marvell stock is "near a fundamental bottom," and will probably rise in the long term thanks to increased sales of the XScale smartphone chip, according to Shaw Wu, an analyst for American Technology Research. Wu now expects Marvell to earn $0.33 per share on revenue of $2.7 billion in fiscal 2008, down from $0.38 per share on the same revenue. He also reduced his forecast of the company's 2009 earnings to $0.80 per share on revenue of $3.2 billion, down from an original $0.85 per share on the same revenue. "From our understanding, Tate is stepping down due mainly to personal reasons," Wu said in a note to investors. "We believe his resignation will be viewed as a mild negative as he was well-respected in the investment community for his candor and conservative nature." Tate's resignation follows closely on the heels of a corporate shuffling that resulted from an investigation of charges that certain executives changed dates on their stock options, illegally boosting their profits when they sold the stocks. In May, Marvell said that Sehat Sutardja would step down as chairman of the board but keep his job as CEO, although an internal investigation had revealed that he participated in a few instances of stock options backdating. In another shakeup, Weili Dai, Marvell's cofounder and COO and also a board member, said he would leave his management and financial roles for a new job as director of strategic marketing and business development. At that time, the company also announced it had fired its general counsel, Matthew Gloss, and accepted the resignation of its CFO, George Hervey. Marvell named Tate to replace Hervey and complete the financial restatements. "We appreciate Mike's hard work during this very difficult time," Sutardja said in a statement. "He enabled us to complete the filing of our delayed reports, to the benefit of shareholders, customers and employees alike. We wish him the best in his next endeavor."
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Dow Chemical Co. yesterday became the latest large company to move away from a traditional pension plan.
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PeopleSoft Inc. founder David A. Duffield, who returned as chief executive during the company's bruising takeover battle with Oracle Corp., has quit the business software maker, according to a regulatory filing Tuesday.
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CFO Bob Wayman plans to formally retire in March. Treasurer Cathie Lesjak is slated to fill his shoes.
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David Duffield resigned his positions as CEO, chairman and director of PeopleSoft on December 21st, according to a document filed with the Securities and Exchange Commission.
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Ask.com CEO Jim Lanzone is quitting after six years with the company, to join a venture capital firm. His replacement, Jim Safka, currently heads Primal Ventures, the venture capital division of Ask.com&#39;s parent company IAC.The moves are intended to streamline the operating structure of IAC as it prepares to spin off some of its operations, said Barry Diller, CEO of IAC.The group plans to turn its HSN (Home Shopping Network), Ticketmaster, Interval International, and LendingTree activities into separate, publicly traded companies.Lanzone was responsible for a &quot;turnaround&quot; at Ask.com over the last two years, Diller said in a statement.However, Ask.com&#39;s share of the U.S. search market is small: it had just 4.6 percent of the market in November, compared to 9.8 percent for Microsoft, 22.4 percent for Yahoo, and 58.6 percent for Google, according to market watcher Comscore. Ask.com&#39;s share has fallen from 5.2 percent in March, according to Comscore figures.Ask.com is going down fighting, though: in November, it struck a deal with Google said to be worth up to $3.5 billion to display sponsored search listings for its larger rival.It has also tried to differentiate itself from the other search engines by promising to protect its users&#39; privacy and erase personal data stored about the searches they make.Ask.com&#39;s new CEO Safka will be aided by Scott Garell who, in the role of president, will manage Ask.com&#39;s daily business operations, the company said. Garell is currently head of IAC&#39;s consumer applications and portals business, which includes the Evite service.Ex-CEO Lanzone become an entrepreneur-in-residence at Redpoint Ventures. That company&#39;s past investments include Excite, MySpace, TiVo -- and Ask.com itself.&#160;
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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.
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Former chief financial officer steps down from company's board amid an investigation into stock option grants.
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- Internet security company VeriSign Inc.  said Chief Financial Officer Dana Evan has resigned and that it filed certain restated reports with U.S. regulators.
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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.
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Citigroup Inc., the world&#39;s biggest bank, said Vice Chairman Deryck Maughan will leave the firm, along with investment management head Thomas Jones and Peter Scaturro, who ran the company&#39;s
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Affiliated Computer Services Inc.  on Monday said its chief executive and chief financial officer had resigned, as it reported the results of an internal investigation into its stock option practices.
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By Ryan Blitstein, San Jose Mercury News, Calif.  May 29--Verisign Chief Executive Stratton Sclavos has resigned, the company said today.
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MicrosoftÂ Chief Financial Officer (CFO) John Connors is leaving the software maker and will become a partner at Seattle area venture capital firm Ignition Partners LLC., Microsoft and Ignition Partners announced separately on Tuesday.