climbed Tuesday after the troubled software maker named a new CFO and hired its third auditor in three months.
Peregrine shares rose 10 cents, or 10.9%, to $1.02 in recent trading.
The San Diego-based company named Ken Sexton to replace interim CFO Fred Gerson, CFO of the San Diego Padres baseball team. Peregrine also hired PricewaterhouseCoopers as its independent accountants, replacing KPMG.
After it was hired to replace Arthur Andersen in April, KPMG uncovered accounting irregularities that led Peregrine to announce plans to restate $100 million in revenue. Peregrine began searching for a
replacement for KPMG after learning that one-third of the $100 million in revenue involved transaction with the accounting firm or KPMG Consulting, which is among the system integrators and consultants that sell Peregrine products.
Since disclosing the accounting
problems, Peregrine also has announced it is under investigation by the
Securities and Exchange Commission
. The company sells software used to manage IT resources and other physical assets.
Sexton brings more than 25 years of finance and business experience to the job, including 10 years as CFO of enterprise software companies, according to Peregrine. He formerly served as senior vice president and CFO of
, an e-business development solutions company from December 1998 to November 2001. Peregrine CEO Gary Greenfield, hired earlier this month following the resignation of the company's former chief executive Steve Gardner in May, also came from Merant, where he served as president and CEO.
Peregrine will hold a conference call at 9 a.m. EDT Thursday to discuss the steps it is taking to realign the business and assure its long-term financial viability.