Paul Hansen won't be trying to help
do better next time, after all. But that's only because he's resigning his post as CFO at the Palo Alto, Calif.-based integration software company.
Just three weeks ago, after Tibco reported fiscal first-quarter numbers that beat lowered expectations, Hansen told analysts that he couldn't provide them with solid financial guidance going forward. But he said the company would
try to do better in the second quarter.
Hansen won't be around for that old college try.
The company issued a press release late Tuesday to announce Hansen's resignation, in which he said he would "pursue personal interests." He had been at the company for three years. Hansen was unavailable for comment Tuesday; a spokeswoman said he already had left the company.
The company now says it will start a search for a new CFO, and that Chris O'Meara, vice president of finance, will fill the role in the interim.
As a general rule, market watchers say investors should always take note of a CFO change, because that person is typically closest to a company's books. Also, the CFO must personally sign off on any financial documents submitted to the
Securities and Exchange Commission
, and can be held personally liable for any errors, omission or inaccuracies in them.
As an example, the departure of Ed Kinsey as CFO at now-troubled B2B software maker
last fall seems like a harbinger of what befell the company. The move came at the same time Ariba changed its revenue recognition practices, something Wall Street has not reacted to positively.
In January, Hansen exercised and sold options on Tibco's stock, valued at $3.1 million, according to SEC filings.
Tim Klasell, an analyst at
Thomas Weisel Partners
in San Francisco, who rates the stock as market perform, said investors shouldn't worry too much about Hansen's departure. He said Hansen increasingly has been taking on board positions at smaller, private companies in Silicon Valley, and is likely just ready to move on in his life.
"I don't think there's anything wrong with the books at Tibco," Klasell says. "I think this is just an executive going on to another stage in his life. Tibco's revenue recognition policy has been pretty standard. This is not a case as with other companies that change CFOs who have also changed their revenue recognition policy."