Friday, October 13, 2006

Springloaded Resignations

The "resignations" are coming fast and furious now in the options-timing investigations.  Boston Communications Group, Inc. CEO EY Snowden stepped down, staying on as non-executive chairman, although I expect that will only be for a little while before he decides to pursue "other exciting opportunities" or the like.  Also felled in the internal investigation was CFO Karen Walker, who resigned "effective immediately," while general counsel Alan Bouffard "decided to accelerate his retirement effective immediately."  Lots of things are happening "immediately" yet none was termed a termination  . . . funny thing. (See BCGI's 8-K here).

Meanwhile, over at circuit maker Sanmina-SCI, the company disclosed that a former executive and current manager had improperly back-dated options, and that the manager had "resigned" although it refused to identify him/her.  Sanmina, which is headquartered in San Jose, also disclosed that it has received a grand jury subpoena from the U.S. Attorney's Office for the Northern District of California.  A Marketwatch story (here) discusses the investigation. (ph)

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