CFO resigns after CV discrepancy
The chief financial officer at US software group Veritas resigned yesterday after it was revealed he lied on his CV.
Kenneth Lonchar claimed he had an MBA from Stanford University which was an outright lie. The fact was brought to the attention of Veritas by an undisclosed outside source.
The companies share price were down 19% as investors became worried about the performance of the group after Lonchar’s departure.
But chief executive, Gary Bloom said that the incident was an isolated one and would have no bearing on the groups financial results.
Lonchar is the latest in a long line of chief financial officers and finance directors to be ousted following a mixture of lies and poor results.