Mcafee backdating

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Santa Clara, Calif.-based Mc Afee, which trails only market leader Symantec in the security software segment, said that it also expects to restate as much as 0 million in previously reported earnings, covering the companys last 10 years of results, based on the widening scandal.In light of the executive departures, Mc Afee said that it has named Charles J. Robel, who is the chief operating officer for San Francisco-based venture capital firm Hummer Winblad Venture Partners, only recently joined the Mc Afees board in June 2006.

Santa Clara, Calif.-based Mc Afee, which trails only market leader Symantec in the security software segment, said that it also expects to restate as much as 0 million in previously reported earnings, covering the companys last 10 years of results, based on the widening scandal.In light of the executive departures, Mc Afee said that it has named Charles J. Robel, who is the chief operating officer for San Francisco-based venture capital firm Hummer Winblad Venture Partners, only recently joined the Mc Afees board in June 2006.ELSON: Well, the option was intended as a tool to align the executive's interest with the other shareholders.

The company said in a statement that it would also further review SEC (Securities and Exchange Commission) guidelines to determine the exact amount of its earnings eventual restatement. 2 maker of security applications, announced on Oct.11 that it has fired its president, Kevin Weiss, and that its chairman and chief executive, George Samenuk, will resign as a result of an investigation into stock options reporting procedures employed by the company.Secondly, I think in Silicon Valley, because these were young, entrepreneurial companies, I think a lot of people felt less than diligent in their adherence to modern corporate governance standard and other forms of corporate formalities.RYSSDAL: You know, they might be cheap for the company but are these options being granted to these executives in numbers large enough to dilute shareholder value? And that's been a great criticism of them, particularly in Silicon Valley companies where you have such a huge number of options granted that you've effectively diluted the dickens out of everybody else.Weiss had been with Mc Afee since October 2002 and was appointed president of the company in March 2006.At that time, Mc Afee also said that it was giving more executive power to CFO Brown, who took on the additional responsibilities of chief operating officer. CNET and Mc Afee are just the latest companies to stumble over their options grants.That is, of awarding an option where you've set the strike price — that is, the price at which the option is exercised at a date prior to the date it was actually awarded.RYSSDAL: The theory behind giving executives a stake in the company, of course, is that they will then be motivated to do better things for the company and make everybody's shares worth more.But if you give them options, don't you sort of pervert that whole thing and turn capitalism, really, sort of sideways?

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