In a further attempt to further improve its governance, Symbol has also hired the headhunting firms Heidrick & Struggles International and DHR International to recruit more independent directors to what is now its nine-member board.
Iannuzzi has held senior executive finance positions at Bankers Trust Company/Deutsche Bank and has served as senior control officer and head of corporate compliance. Chrenc is a retired executive vice president and chief administrative officer of ACNielsen, where he was responsible for finance, human resources, communications, and business development, and is a former CFO of the company. Until recently, Yellin was a lawyer at Skadden, Arps, Slate, Meagher, and Flom.
Currently the subject of ongoing investigations by the Securities and Exchange Commission and the U.S. Attorney's office, Symbol has not filed its annual report for the year ended December 31, 2002, with the SEC and is working to finalize its audit for that year. The company also expressed its intention to file its 10-Q for the first, second, and third quarters of 2003 after the 2002 10-K has been finalized. Symbol management, however, said it couldn't provide a timetable for the quarterly statements.
SEC Probing Wave Systems
The SEC has launched a formal investigation into Wave Systems Corp. as a result of public statements made by the security-software maker and trading in company shares around August 2003, according to the company. Wave executives added that the commission hasn't concluded that there was any wrongdoing and that the company is cooperating fully with the SEC.
In July and August Wave announced that Intel and IBM, respectively, would be using its software in future products. Wave's share price surged during that period on heavy volume. It opened at $1.03 on July 31, closed that day at $2.25, and surged as high as $4.53 on August 5. Wave's share price closed at $1.50 on Friday.
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