VeriSign’s CEO to Step Down

VeriSign CEO Stratton Sclavos is stepping down and will vacate his
role on the board of directors, the online security and digital certificate
company said today.

Stratton Sclavos

Stratton Sclavos

The company said the board of directors had elected William A. Roper,
Jr., as president and CEO and named Edward A. Mueller as chairman of the
company, which specializes in providing digital certificates.

VeriSign , which also manages the .com and .net domains, gave no reason
for Sclavos’ resignation during a conference call and release about the
change in senior management.

The company said it would reschedule its June 6 analyst day event.

A recent probe of its own stock-option practices revealed
issues, but the company did not say anyone was at fault. The company is also
not up to date on its regulatory filings.

Last November, VeriSign said it would restate as much as $250 million in
earnings between 2001 to 2005 and part of 2006 due to what it termed
“incorrect measurement dates” and other administrative blunders regarding
its stock-options accounting.

The news came amid the company’s own internal probe into past stock option practices.

Shares of VeriSign were up by about 50 cents $27.75 in midday trading.
Earlier in the day, it hit a 52-week high of $28.13.

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