CA slashes ex-CEO Kumar's perks

By SiliconIndia   |   Wednesday, 29 September 2004, 07:00 Hrs
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NEW YORK: Computer Associates International said it has revoked home security and office support benefits to former CEO Sanjay Kumar, who was indicted on charges related to a $2bn accounting scandal at the company.

The software maker, which agreed to pay $225m to shareholders to avoid federal criminal charges, said in July that it would provide Mr Kumar with phone and network support and home security services at an annual cost of $9,000, off-premises office space, an assistant and medical insurance.

But it revoked all benefits, except for 20 years of medical insurance for Mr Kumar and family, subject to his death or his obtaining insurance from a new employer. Mr Kumar’s attorney declined comment, according to a letter sent to Mr Kumar’s attorney last week.

The letter did not address the major issue of whether Kumar’s sizeable past compensation associated with restated periods will be recalled.

The company is working with the government to help recoup “all ill-gotten gains,” a company spokeswoman said. Mr Kumar’s attorney declined to comment.

Mr Kumar last Thursday pleaded not guilty to securities fraud and obstruction of justice charges. He faces a maximum prison sentence of 100 years if convicted.

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