Business

Polycom replaces CEO after expense report ‘irregularities’

Above: Andrew Miller resigned as CEO of Polycom on July 19, 2013.

Image Credit: Polycom
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Polycom, a maker of video- and audioconferencing systems, announced today that had hired a new interim chief executive, Kevin Parker.

Parker replaces Andrew Miller, who resigned July 19 after the board’s audit committee found “certain irregularities” in Miller’s expense reports.

“The amounts involved did not have a material impact on the company’s current or previously reported financial statements for any period, nor did they involve any other employees,” the company’s quarterly earnings press release stated.

“Andy Miller’s resignation under these circumstances is disappointing and should not be viewed as a reflection of the financial integrity of the company, the strength of our team or our plans for the future,” Parker said in a canned quote in the same press release.

Miller had been CEO of Polycom since 2010. According to BusinessWeek, Miller’s compensation for 2012 amounted to about $7.4 million.

Parker has been on Polycom’s board since 2005 and has been the chairperson since May of this year. He was previously the president and CEO of Deltek, a “recognized technology industry leader” that you probably haven’t heard of — it makes enterprise resource planning (ERP) and project management software. He was also the CFO of PeopleSoft from 2000 to 2004. (Oracle acquired PeopleSoft in 2005.)

For the second quarter of 2013, Polycom reported revenues of $345 million, for a GAAP net income for the second quarter of $5 million, or 3 cents per diluted share. Those figures are up slightly from the previous quarter, and down a smidgen from Q2 2012.

The stock ($PLCM) is down a bit more than 6 percent in after-hours trading.

Via the Oakland Tribune and the San Jose Mercury News


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