BusinessCompany NewsSymbol CEO steps down after accounts probe

Symbol CEO steps down after accounts probe

The chief executive of US handheld and wireless LAN company Symbol has resigned after the Securities & Exchange Commission launched an investigation into improper accounting at the company.

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Richard Bravman quit as CEO and chairman just five months after the previous chairman quit. He has been replaced by current president and chief operating officer William Nuti.

At the same time Symbol said it would file a Form 10-K with the SEC, including a restatement for the years 1998 to 2001 as well as the first three quarters of 2002.

Symbol said Bravman had voluntarily relinquished his roles as CEO and board member in an effort to facilitate a favourable conclusion to the previously reported government investigation into Symbol’s past accounting practices.

In a statement Nuti praised the board’s decision to name Salvatore Iannuzzi as non-executive chairman, addding: ‘We are committed to world-class governance at Symbol and believe that this is an important step for us. Sal is ideally suited to help us in our quest to be a best-practice leader in corporate governance.’

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