A week after the company started laying off 400 employees, Comverse Technology Inc. (Pink Sheets:CMVT.PK) CFO Stephen Swad has resigned, the company reported to the US Securities and Exchange Commission (SEC). Swad will leave his post as CFO immediately but will continue as a VP at Comverse until next month.
After his resignation, Swad will serve as a special advisor to Comverse CEO Andre Dahan.
The company also reported that Joel Legon has been appointed VP CFO. He will receive a basic annual salary of $400,000 with bonuses that could reach an additional $300,000. He has also been given a package of 45,000 deferred stock units. The deferred stock units will vest over the next three years.
Comverse's share price was down 1.54% to $7.04 in New York this morning, giving a market cap of $1.42 billion.
Published by Globes, Israel business news - www.globes-online.com - on October 12, 2010
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