TSC Staff
Two weeks after announcing an extensive restatement related to stock option grants, Comverse Technology(CMVT Quote - Cramer on CMVT - Stock Picks) said three of its top executives have resigned.
The company's founder, chairman and chief executive, Kobi Alexander, stepped down, along with Chief Financial Officer David Kreinberg and Senior General Counsel William Sorin, Comverse said Monday. Each will become advisers on an interim basis. The software maker named Raz Alon, previously an independent director, as interim CEO. Another independent director, Ron Hiram, will take over as chairman. Avi Aronovitz, currently vice president of finance and treasurer, will serve as financial chief, while Paul Robinson, currently vice president of legal and general counsel, will become chief administrative officer and general counsel. Comverse has been in the midst of a probe into its option grants and their timing since mid-March. In April, the company said it planned to restate results dating back to 2001 after finding that the actual dates of measurement for past stock option grants differed from the recorded grant dates. The timing of option grants has been in the spotlight in recent weeks after a Wall Street Journal article and Securities and Exchange Commission probe have called into question whether certain companies backdated options to give the recipients better profits. Two weeks ago, Vitesse Semiconductor(VTSS Quote - Cramer on VTSS - Stock Picks) put its three top executives on leave amid its own investigation into the matter. Alexander, Kreinberg and Sorin have also resigned from the board of Verint Systems(VRNT Quote - Cramer on VRNT - Stock Picks), which is 57% owned by Comverse.
RSS
