Symbol Technologies CEO steps down

Symbol Technologies chief executive officer and acting chairman Richard Bravman has resigned only five months after the previous...

Symbol Technologies chief executive officer and acting chairman Richard Bravman has resigned only five months after the previous chairman quit amid a US Securities and Exchange Commission (SEC) investigation into improper accounting.

President and chief operating officer William Nuti replaces Bravman and will be appointed to Symbol's board. Salvatore Iannuzzi, lead independent director of Symbol's board, has become non-executive chairman.

Symbol manufactures barcode scanners, handheld computers and wireless Lan devices. The company said it has been under investigation by the SEC with regards to a transaction in which Bravman and other Symbol employees prematurely recognised $860,000 in revenue.

The transaction occurred in the second quarter of 2001 before Bravman became president and later CEO. He will remain with Symbol as an adviser to Nuti and the rest of Symbol's board for the next 12 months.

Iannuzzi, Robert Chrenc and Melvin Yellin were appointed as independent directors last month to review Symbol's corporate governance practices and to determine the size of its board of directors.

The restatements "relate to the timing and extent of revenue recognition as well as several categories of cost of revenue and operating expenses," Symbol said.

From 1998 to the third quarter of 2002, Symbol overstated net revenue by a total of $234.2m and net earnings by a total of $324.7m.

Symbol also changed its previous report of $4m in net income for 2002 to a net loss of $58m for the year after including a pretax charge of $98.3m to account for litigation settlements.

Tom Krazit writes for IDG News Service



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