Feeds

Man overboard! CA chief Kumar walks plank...

Lands in comfortable billet

  • alert
  • submit to reddit

Build a business case: developing custom apps

Sanjay Kumar, Computer Associates' chief executive, has become the latest casualty of the marathon investigation into the software vendor's finances. After four years at the top, he has been forced to step down as chairman and chief exec, surrendering these roles to become CA's chief software architect, a new position. In addition, Kumar has resigned from CA's board.

CA has left the chief executive position open. Lewis Ranieri, who has served as the Board's lead independent director since 2002, has been elected chairman.

A Securities and Exchange Commission investigation into financial irregularities at CA concluded with a threat to sue the company. Last year, CA's own audit committee concluded that the company had booked forward bookings as current revenue in a bid to inflate its results for fiscal 2000. CA says it has cleaned up its act, with the adoption of a new business model in October that year. The company settled with investors over the accountancy wheeze in August 2003.

Three former finance executives, including Ira Zar, CA's former chief financial officer, pleaded guilty to fraud or obstruction of justice charges earlier this month. Investigations may result in further charges or earnings restatements by CA, the company say. This week the CA board audit committee axed four employees from the legal department and five from finance.

Said CA's Ranieri: "The audit committee's and the entire board's exhaustive review of these matters resulted in the removal of a number of individuals from the company. The changes in Sanjay's role are not based on the conclusion that he engaged in any wrongdoing. Nonetheless, the conduct in question occurred during his tenure, and the board felt this action was appropriate." ®

Related stories

CA makes nine workers remedial
CA faces SEC action
CA founder Wang retires

5 things you didn’t know about cloud backup

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.