NEW YORK— McAfee Inc. on Wednesday said Chairman and CEO George Samenuk and President Kevin Weiss are leaving after the security software supplier found accounting discrepancies in its stock options grants.
McAfee said it believes it needs to restate past financial statements by around $100 million to $150 million after an internal review found it will have to record additional charges for stock-based compensation expense over a 10-year period.
The company said Samenuk was retiring, while Weiss' employment had been terminated by the board. Dale Fuller will act as interim CEO and president, it said.
"After almost six years at McAfee , I have retired as Chairman and CEO in the best interests of the company, its shareholders and employees. I regret that some of the stock option problems identified by the Special Committee occurred on my watch," Samenuk said in a statement.
Fuller joined the McAfee board in January and served more than six years as CEO and President of Borland Software Corp. He has also worked for Apple Computer's Powerbook division and NEC's portable computer division, McAfee said.
It also said the board appointed Charles Robel as nonexecutive chairman of the board and that it would start looking for a new CEO.
McAfee said it intends to file its restated financial results and annual report as quickly as possible.
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