McAfee ousts CEO and president after options probe

Stan Beer
Wednesday, 11 October 2006 21:16

IT Industry - Strategy

Number two security vendor McAfee has seen the departure of its two most senior executives after an options probe revealed a US$150 million irregularity in employee stock-options.

CEO George Samenuk was forced into retirement and president Kevin Weiss was let go by the company in the wake of the scandal.

As a result expenses incurred by the granting of stock options over a 10 year period, McAfee has been forced to restate its financial position with the Security and Exchange Commission, which will now include up to US$150 million in previously unstated charges.