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News >> Technology >>
Sanjay Kumar quits CA top post
By siliconindia staff writer
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Thursday, 22 April 2004, 19:30 IST
NEW YORK : Sanjay Kumar resigned on Wednesday as chairman and chief executive of Computer Associates International, as the software company's long-simmering accounting scandal finally reached the top.
After running the company for four years, Kumar stepped down from his executive positions and the board of directors. He will take a new position of chief software architect. The CEO position is temporarily remaining open.
Computer Associates, a $3-billion maker of software for corporate computing systems, is being investigated by federal prosecutors and the Securities and Exchange Commission for misrepresenting the timing of contracts in order to meet Wall Street's quarterly expectations.
Four former finance executives have pleaded guilty to fraud or obstruction of justice charges, including Ira Zar, the former chief financial officer.
Zar implicated two other high-ranking executives; though their names were not disclosed, prosecutors noted that Zar reported to Kumar. And in January, a former senior vice-president who pleaded guilty said Islandia, New York-based Computer Associates had a "widespread practice" of inflating revenue by closing the books on a quarter a few days late.