George Harrington has resigned as the chief financial officer of BMC Software, but will stay with the company for an interim period to assist the transition.
BMC vice president of finance and treasurer Stephen B. Solcher will be the company’s CFO on an interim basis, effective immediately, and will report directly to President and CEO Bob Beauchamp.
“I want to thank George for his service to BMC,” said Bob Beauchamp. “Under his leadership we successfully completed our year-end financial audit, strengthened our balance sheet, and significantly improved our cost structure. George and I agreed that with these important milestones behind us, and with our recently posted positive quarterly results, the timing of his departure was optimal for him and for BMC.” Bill Snyder of the Street reports:
In early August, the company posted a first-quarter loss, but with the hefty restructuring charges excluded, the mainframe software vendor beat Wall Street’s expectations by 7 cents a share and then raised guidance for the year.
Sudden management changes often worry investors, and in recent trading, shares of BMC were off 48 cents, or 2.4%, to $19.94.
“Moving forward with Steve as interim CFO, we are assigning a proven veteran performer to this key position while we complete our search,” said Beauchamp.
Solcher will stay in the CFO position for as long as the search for a new one takes. He has been the company’s treasurer for about 13 years.
Chris is a staff writer for Murdok. Visit Murdok for the latest ebusiness news.
