by CIO Staff

Adobe CFO Randy Furr Resigns

Nov 10, 20062 mins

Randy Furr resigned his position Thursday as executive vice president and chief financial officer (CFO) of Adobe Systems after barely six months on the job.

While Adobe didn’t give a reason why Furr resigned, it did exclude one possible reason: “Furr’s resignation is unrelated to his work performed at Adobe and no issues have been raised regarding the integrity of the company’s financial statements,” the company stated.

Adobe announced in October the results of an internal investigation into its own stock options program. The review found “no fraud or intentional wrongdoing,” the company stated. While it uncovered some issues related to the timing of stock option grants, Adobe described the financial impact of these issues as immaterial.

Scores of public companies have been identified as having backdated stock options granted to executives to increase the amount of money the executives would receive when they exercised the options. In some cases, criminal charges have been filed and executives have been forced out.

Although Furr left his positions as EVP and CFO as of Nov. 7, he will remain an employee of Adobe until Dec. 31 to assist in transition efforts, the company said. Bruce Chizen, chief executive officer of Adobe, has assumed the additional responsibilities of chief financial officer until a replacement for Furr is named.

Furr was hired May 18. He came to Adobe with 30 years of experience in financial and operations management in the technology sector and had previously served as president and chief operating officer of Sanmina-SCI Corporation, a global electronics manufacturing services company.

-Robert Mullins, IDG News Service (San Francisco Bureau)

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