Veritas Software CFO Resigns
Oct. 03, 2002
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MOUNTAIN VIEW, Calif. (AP) _ Veritas Software Corp. Thursday said that Kenneth E. Lonchar resigned as executive vice president and chief financial officer, after the company learned he had ``misstated'' his educational credentials.
Veritas, a maker of storage-management software, said it recently uncovered that Lonchar had incorrectly claimed to have received an MBA from Stanford University.
``While Ken's misstatement about his academic credentials is unfortunate, it has no bearing on the accuracy of our financial results or the quality of our financial procedures and controls,'' Gary Bloom, chairman, president and chief executive, said in a statement.
Lonchar said he believes his resignation is in the best interests of all.
Jay A. Jones, senior vice president and chief administrative officer, has assumed the role of acting chief financial officer.
Shares Mountain View-based Veritas slid following the news. They fell 14.5 percent or $2.10 to $12.40 in early trading Thursday on the Nasdaq Stock Market. The day's weakest level of $11.91, at that point, was a new 52-week low. The prior low of $13.18 was set September 20.