Veritas Software CFO Resigns

Ken Lonchar is accused of resumé inflation.
Storage-management software vendor Veritas Software Corp. says its CFO, Ken Lonchar, has resigned. Lonchar quit because he had "misstated his educational credentials, including incorrectly claiming to have received an MBA from Stanford University," according to a statement from the company. The CFO spot will be filled on an interim basis by Jay Jones, senior VP and chief administrative officer. Veritas says it expects to name a new CFO by year's end.

"While Ken's misstatement about his academic credentials is unfortunate, it has no bearing on the accuracy of our financial results or the quality of our financial procedures and controls," president and CEO Gary Bloom said in the statement. On Oct. 21, Veritas expects to report financial results for the quarter ended Sept. 30 along previously announced guidelines, with revenue of $350 million to $370 million.

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