Broadcom CFO Calls It Quits

William Ruehle's retirement from the chip company is effective immediately.
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Broadcom

announced late Tuesday that company senior vice president and CFO, William Ruehle, will retire, effective immediately.

The Irvine, Calif., company's board of directors has named Bruce Kiddoo, Broadcom vice president and corporate controller, to serve as acting CFO on an interim basis.

Ruehle, 64, who has been in the CFO spot since June 1997, "decided to accelerate his retirement as a result of Broadcom's previously announced equity award review," Broadcom said.

The wireless chip company, which said in July that its audit committee had found $750 million worth of restatements dating back to 2000, earlier in September

found more stock option irregularities and said it expects its restatement to amount to at least $1.5 billion.

Broadcom's equity award review, directed by the board's audit committee, is ongoing. The committee has not reached any final conclusions, the company said.

Shares of Broadcom closed regular trading off 46 cents to $28.23.