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Wireless Worries? Qualcomm Shuffles Management

CFO now president, controller now CFO. Also: lots of twos -- Take-Two does double take, hires second finance chief in two months. Plus: which CFO i...
Craig SchneiderFebruary 15, 2002

William Keitel named new CFO at Qualcomm after serving as company’s corporate controller for three years… Replaces Anthony Thornley, who retains his current COO position and assume new responsibilities as president. CFO since 1994… Wireless technology giant gave no reason for the move… Qualcomm, whose finances recently came under fire in an analyst report, faced criticism Tuesday from shareholder activists objecting to reappointment of Enron Corp. director Frank Savage… Both executives previously worked in senior finance roles at Nortel Networks, which on Monday dropped its CFO following allegations he improperly traded his pension plan stock… According to Yahoo Finance, Thornley exercised options at $5.66 a share on August 1 and sold at $67.26, pocketing $6.7 million. Nice work if you can get it…

More revenue recognition woes. Karl Winters now CFO at Take-Two Interactive Software. Appointment comes one day after video game publisher restated nearly $20 million in improperly recorded revenues and announced it was being investigated by SEC… Winters served as CFO of United Auto Group and worked for 10 years in Coopers & Lybrand’s auditing unit. Replaces Albert Pastino, who resigned for personal reasons after just two months on the job. Pastino replaced former CFO James David — SEC has reportedly questioned David about company’s revenue recognition practices… Take-Two shares halted at $18.56 for three weeks. Company conducting an internal accounting review of its revenue accounting in seven prior quarters.

Digital Insight, Internet banking services specialist, hired Elizabeth Murray as CFO. Last official finance chief, Kevin McDonnell announced his resignation last November, gone on April 2002… Murray most recently served as CFO at exec search company Korn/Ferry International. Murray credited with Korn/Ferry’s IPO and string of 14 acquisitions. She was previously CFO of Hughes Communications… Digital Insight posted fourth-quarter pro forma income of 4 cents a share, compared with loss of 19 cents a share in Q4 a year-ago. Beat analysts estimated of 2 cents a share, according to Thomson Financial/First Call…

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Infowave Software appointed George Reznik to the CFO spot, effective March 1. He replaces Todd Carter. Carter is leaving finance job to pursue his passion for — what else? — adventure racing. You’ve got to love that… As for new CFOs adventure: Reznik says he wants to make Infowave “a $100 million dollar company in the next five years.” That would mirror growth of Pivotal Corp., where he last worked… Company credits departing Carter with over $90 million of financing activity in five-year tenure. Infowave share price, which now trades on the Toronto Stock Exchange, worth less than $1 a share. Share price went as high as $5.90 during the last year…

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