Computer Associates Execs Must Pay Back Stock
Three top executives with Computer Associates, the popular maker of Accpac and other software products, have been ordered by a Deleware judge to return half of more than $1 billion in stock because the court ruled the executives improperly received the stock in 1998.
The returned stock totals 9.5 million in shares, and represents part of a 20.25 million share grant made to the three executives based on a compensation package approved by shareholders in 1995.
Computer Associates' attorneys said the company will review the ruling and make a decision whether to appeal.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.