Heads roll over stock option scandal

Four executives of US companies were forced out yesterday following
investigations into the use of backdated stock options.

McAfee, the computer security firm, has sacked its president Kevin Weiss,
and its chief executive George Samenuk stepped down.

Simultaneously, CNet said its chief executive and chairman Shelby Bonnie had
stepped down. CNet’s general counsel and head of human reosurces also stepped
down, the Daily Telegraph reported.

Following his resignation Samenuk said: ‘I regret that some of the stock
option problems occurred on my watch.’

The resignation of Samenuk and the other executives are the latest in a
series of controversies over the alleged back-dating of stock options in the US.

Related reading