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Computer Firm CFO Exits One Month After CEO

Evans and Sutherland CFO leaves struggling tech company for "personal reasons."
Stephen TaubAugust 7, 2006

The Acting Chief Financial Officer and Corporate Secretary resigned from struggling Evans and Sutherland Computer Corp. one month after its chief executive officer decided to leave. Lance Sessions said he resigned from his two positions for personal reasons.

“The Board believes, and has been assured by Lance, that his departure is purely for personal reasons and is not related to any issues with E&S’ financial affairs,” said company chairman David Coghlan, in a statement. When contacted at his office, Sessions told the Salt Lake Tribune he resigned for “truly personal reasons,” which he declined to detail.

Paul Dailey has been named as acting CFO and corporate secretary. He is currently finance chief of Spitz Inc., which was acquired by E&S in April. E&S officials say that the simulation software and hardware company plans to appoint a permanent CFO as soon as possible.

In June, President and CEO James Oyler, who had been with the company for 12 years, resigned after a major asset sell-off, reported Reuters.

E&S, which produces simulation technology for the military, Hollywood movies, engineering firms, and planetariums, reduced its workforce to 125 from 275, which is where the employee count stood in early 2005. Six years ago, E&S employeed more than 1,000 workers. The company’s stock, which currently trades for $5, rose into the $30 range in 1997.