Verisign CFO resigns and company restates earnings

Verisign chief financial officer Dana Evan has resigned, and the company has restated earnings from 2002 to 2005, declaring an additional US$160m (£79m) in stock option compensation. Bert Clement, formerly Verisign's senior VP finance and controller, has been named the new CFO.

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Verisign chief financial officer Dana Evan has resigned, and the company has restated earnings from 2002 to 2005, declaring an additional US$160m (£79m) in stock option compensation. Bert Clement, formerly Verisign's senior VP finance and controller, has been named the new CFO.

The executive change represents the security company's second resignation in three months. In late May, CEO Stratton Sclavos resigned, and William Roper became the new president and CEO.

The restatement is the result of stock options having been granted irregularly, with incorrect dates, without required documentation, or with issue dates and strike prices that had been altered.

The company said that an independent investigation found no intentional wrongdoing by Sclavos or Evan.

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