BEDFORD, Mass.-Two top executives at Boston Communications Group Inc. have bowed out of their positions in connection with an internal review of stock-option grants, as has the company’s general counsel.
BCGI’s chief financial officer, Karen Walker, left the company, while President and Chief Executive Officer E.Y. Snowden will become the non-executive chairman of the board of directors. General Counsel Alan Bouffard “has decided to accelerate his retirement effective immediately,” according to a company statement.
Snowden’s position will be filled temporarily by Paul Tobin, BCGI’s former CEO and current chairman, while Thomas Doherty will take over the CFO spot until the company finds a new one. Doherty is executive vice president of Argus Management Corp., which specializes in financial consulting and interim management.
BCGI said that it will have to restate its historical financial records, but that it has not yet determined the total amount of additional non-cash charges, the tax impact or which periods will need to be restated.
Executives or board members from Apple Computer Inc., McAfee Inc. and CNet Network Inc. also have stepped down in recent days in connection with stock-options investigations at those companies. The Securities and Exchange Commission is probing more than 100 publicly traded companies to see if they violated stock option grants.
