Just because a company loses its CFO, doesn’t necessarily mean that something
is wrong. Or does it?
Juniper Networks announced in an SEC filing that Robert
Dykes, executive vice president and CFO has resigned. Robert Sturgeon, executive vice president, service layer technology group, also resigned.
According to the SEC filing the resignations came, “in connection with the
ongoing review of the company’s growth plans and requirements to achieve the
company’s desired scale.”
Dykes is expected to remain CFO until the end of April, and Sturgeon will
be staying until the end of March.
“Neither resignation was the result of any disagreement with the company on
any matters relating to the company’s operations, policies or practices,”
Juniper advised in its SEC filing.
The resignations came a day after Juniper announced it had finally
completed a restatement of its past financials. Those financials include
its annual report for 2006, as well as quarterly reports for both the second
and third quarters of 2006.
“These filings contain financial statements that were restated as a result
of the stock-option review, including those required to be restated for
prior periods,” Juniper noted in a press release. “The company’s periodic
filings with the SEC are now current.”
The options probe began in August and at the time the company
said that it could face delisting from the Nasdaq.
Juniper is locked in a competitive battle in the networking space with Cisco
and others. According to a recent report from Infonetics Research Juniper came in third behind Alcatel-Lucent and
Cisco in the $10 billion global market for service provider routers and
switches.
