Investors appeared to cheer what seems to be the end of Symbol Technologies Inc.’s long financial restatement road. The company announced it filed the restatement of its 1998 through 2001 finances with the Securities and Exchange Commission, and it will gain a new chief executive officer.
Symbol’s stock was up more than 2 percent following the news to about $17.23 per share.
Richard Bravman, Symbol’s chief executive officer and acting chairman during its restatement period, said he will step down, and William Nuti, Symbol’s current president and chief operating officer, will take his place.
“During the past year, the Symbol team has made substantial progress in cultural and organizational development, our balance sheet and income statement have improved considerably, productivity is up, we’ve attracted great management talent from several top companies, and our business controls have been greatly strengthened,” Nuti said. “Now that we are nearing the end of our long investigation into accounting improprieties by the former management of Symbol, our associates will be happy to have this chapter of the company’s history behind us. We believe that Symbol is extremely well positioned to capitalize on our accomplishments of this past year and our clear leadership in the enterprise mobility space. As we continue to stay focused on business plan execution, Symbol will establish itself as an important player in the future of the technology industry.”
