May 29, 2007 (01:05 PM EDT)
VeriSign's CEO Out As Board Member Steps In
Read the Original Article at InformationWeek
Stratton Sclavos is stepping down from his post as CEO and board member at VeriSign, as a board member steps up to replace him.
The security company said Monday afternoon that the board of directors elected William Roper Jr. to serve as president and CEO. The board then elected Edward Mueller as chairman of the board.
"The board remains committed to our strategy and is pleased with the early results of the restructuring program we began this year," Roper said in a written statement. "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."
VeriSign's 2007 Analyst Day, which had been scheduled for June 6 at the company's corporate headquarters in Mountain View, Calif., has been postponed. A new date has not been announced.
According to a release on the VeriSign Web site, Roper, who has served as a director of VeriSign since November 2003, will become a full-time employee. He most recently served as executive VP of Science Applications International Corp., a diversified technology services company. He also served as SAIC's CFO 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.
"We thank Stratton Sclavos for all he has accomplished for VeriSign," Mueller said in a written statement. "We wish him continued success in the future."
In its online release, the company said the review of VeriSign's historical stock option grant practices by an ad hoc group of independent members of the board of directors is substantially completed. "The review did not find intentional wrongdoing by any current member of senior management, including Sclavos," it added.