CA rejigs top brass, appoints interim CEO

By siliconindia staff writer   |   Tuesday, 27 April 2004, 07:00 Hrs
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NEW YORK : A week after CEO Sanjay Kumar stepped down amid a long-running accounting scandal, Computer Associates International (CA) on Monday revamped its management team and restated $2.2 billion in revenue.

The international software maker has named director Kenneth Cron as its interim chief executive officer, appointed chief financial officer Jeff Clarke as chief operating officer and fired its global sales chief, who was seen as tainted by the scandal.

The software maker said the restatement of $2.2 billion in revenue booked early in fiscal 2000 and 2001 is not expected to affect the results of fiscal 2004, or of 2002 to 2003.

The stock rose 2 percent, with investors happy that CA finally put its internal probe behind it and looking forward to a resolution of its issues with the government. However, the scope of the restatement was not as large as expected, analysts said.

"We believe that the investigation has finished. Therefore we are not expecting any more terminations,” CA Chairman Lewis Ranieri, said, in an interview. The board is interviewing executive search firms to help look for a permanent CEO and CFO.

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