Monday, November 27, 2006
CEO and CFO resign from Affiliated Computer Services
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Chief Executive Officer Mark A. King and Chief Financial Officer Warren D. Edward have resigned from Dallas-based ACS, after an investigation found questionable behavior regarding the company's stock option program. Read more here.
ACS stated in a press release:
The Company is continuing to review and evaluate the results of the internal investigation and recent accounting guidelines established by the Securities and Exchange Commission to determine the accounting consequences of the use of incorrect measurement dates during the period from 1994 through 2005. The Company currently expects that the incremental cumulative non-cash compensation expense related to incorrect accounting measurement dates will be approximately $51 million, plus additional tax related expenses. This estimate may increase or decrease when finalized. The Company has not yet determined the impact of these accounting adjustments on its historical and current period consolidated financial statements or on its assessment of effectiveness of internal control over financial reporting, nor whether it will be required to restate its consolidated financial statements as a result of these adjustments.
On a side note, ACS is under scrutiny for its red light camera system to be installed in Dallas.
Posted by Blair
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