EDS replaces chief financial officer

Electronic Data Systems (EDS) has replaced its chief financial officer, Jim Daley, after its third-quarter earnings fell below...

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Electronic Data Systems (EDS) has replaced its chief financial officer, Jim Daley, after its third-quarter earnings fell below expectations.

Daley will be replaced by Robert Swan, executive vice-president and chief financial officer at TRW since 2001, EDS said.

Daley will remain with EDS, assuming the position of executive vice-president for client sales, global solutions and marketing.

EDS blamed its earnings shortfall during the third-quarter on tough market conditions, but the results sparked an informal US Securities and Exchange Commission inquiry into the causes of the steep earnings shortfall as well as investment banking bets EDS made on the value of its stock.

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