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Sclavos Resigns From VerisignPOSTED May 30, 2007 MOUNTAIN VIEW -- Stratton Sclavos, longtime CEO, Chairman and founder of Verisign, has resigned suddenly from the Internet infrastructure company with no reason given. The company announced that its Board of Directors has elected William A. Roper, Jr. as President and Chief Executive Officer. He has served as the Board's lead independent Director and replaces Sclavos, who has resigned from the company. The Board also elected Edward A. Mueller as Chairman of the Board. Roper, who has served as a Director of VeriSign since November 2003, will become a full-time employee of VeriSign. He most recently served as Executive Vice President of Science Applications International Corporation, a diversified technology services company. He also served as SAIC's Chief Financial Officer from 1990 to 2000, and played a leadership role in Network Solutions from the time of its acquisition by SAIC in 1995 until its merger into VeriSign in 2000. Network Solutions included the domain name registry business that is central to VeriSign's business. "VeriSign is a highly respected company with an attractive business model and leading positions in growing markets. The board remains committed to our strategy, and is pleased with the early results of the restructuring program we began this year," said Roper. "I look forward to working with VeriSign's management team to capitalize on the company's growth opportunities while ensuring the strongest possible emphasis on managerial discipline and execution." "We thank Stratton Sclavos for all he has accomplished for VeriSign," said Mueller. "Over the last 12 years, he helped establish VeriSign as a global corporation that millions of consumers and businesses rely upon every day as they interact on the world's voice and data networks. We wish him continued success in the future." Sclavos said, "I want to thank the people of VeriSign for their support and contributions over the past 12 years. I am proud of my role in building VeriSign into the great company it has become, and wish all of my associates the very best in the coming years." Verisign has been undergoing reviews of its option grant practices but hasn't disclosed if any problems were found. The company said a review of its historical stock option grant practices by an ad hoc group of independent members of VeriSign's Board of Directors is essentially completed. The review did not find intentional wrongdoing by any current member of senior management, including Sclavos. © Copyright SVDaily.com |
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