VeriSign CFO resigns, company restates earnings

VeriSign CFO Dana Evan resigned Tuesday, and the company has restated earnings from 2002 to 2005, declaring an additional $160.3 million in stock-option compensation, it said Thursday.

Bert Clement, formerly Verisign's senior vice president for finance and controller, has been named the new CFO.

The executive change is the company's second resignation in third months. In late May, then-CEO Stratton Sclavos resigned, with William Roper Jr. becoming the new president and CEO.

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VeriSign CFO Dana Evan resigned Tuesday, and the company has restated earnings from 2002 to 2005, declaring an additional $160.3 million in stock-option compensation, it said Thursday.

Bert Clement, formerly Verisign's senior vice president for finance and controller, has been named the new CFO.

The executive change is the company's second resignation in third months. In late May, then-CEO Stratton Sclavos resigned, with William Roper Jr. becoming the new president and CEO.

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

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

The IDG News Service is a Network World affiliate.