Verisign VRSN (NASDAQ), a provider of digital infrastructure for networked companies announced that Stratton D. Sclavos, who has been with the firm for twelve years, resigned as CEO, effective immediately. The Board elected William A. Roper, Jr. as President & CEO. He has served as the board's lead independent director and has been a member of the board since 2003. The board also elected Edward A. Mueller as Chairman of the Board.
As with so many other technology related companies, Verisign was caught up in the options backdating scandal. The company initiated its own investigation of its management which according to the company has been substantially completed. According to Verisign, the review did not find intentional wrongdoing by any current member of senior management, including Sclavos. The abrupt announcement was not however, a reassuring sign.
Sclavos' replacement, William A. Roper, Jr., nevertheless, appears to be a really solid choice. He had vast experience in different areas while at Science Applications International Corporation. He most recently served as executive vice president at the firm. He also served as the company's CFO and was instrumental in some of the company's acquisitions and also worked on the sale of specific parts of the firm.
Keep an eye on Verisign to determine why Sclavos left and how Roper and Mueller intend to run the company.
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