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WASHINGTON (MarketWatch) -- Two top executives of security-software maker McAfee Inc. were forced out of their posts after an internal probe found that the company improperly accounted for up to $150 million in stock-option costs.
McAfee said Wednesday that George Samenuk retired as chief executive and that Kevin Weiss was fired as president. Samenuk was replaced on an interim basis by board member Dale Fuller, a former Borland Software Corp. CEO who joined the company in January.
"After almost six years at McAfee, I have retired as chairman and CEO in the best interests of the company, its shareholders and employees," Samenuk said in a statement. "I regret that some of the stock-option problems identified by the special committee occurred on my watch."
The changes in the executive suite took place as McAfee said it would incur $100 million to $150 million in noncash charges to account for options-related expenses over a 10-year period. In July, McAfee said an internal review of options practices determined that financial revisions were likely.
The Santa Clara, Calif., company said that with its review now mostly complete, it plans to file restatements with the Securities and Exchange Commission as soon as possible.
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McAfee said Wednesday that George Samenuk retired as chief executive and that Kevin Weiss was fired as president. Samenuk was replaced on an interim basis by board member Dale Fuller, a former Borland Software Corp. CEO who joined the company in January.
"After almost six years at McAfee, I have retired as chairman and CEO in the best interests of the company, its shareholders and employees," Samenuk said in a statement. "I regret that some of the stock-option problems identified by the special committee occurred on my watch."
The changes in the executive suite took place as McAfee said it would incur $100 million to $150 million in noncash charges to account for options-related expenses over a 10-year period. In July, McAfee said an internal review of options practices determined that financial revisions were likely.
The Santa Clara, Calif., company said that with its review now mostly complete, it plans to file restatements with the Securities and Exchange Commission as soon as possible.
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