The company, headquartered in silicon valley, said today it fired cfo kenneth lonchar for falsely claiming to have earned a masters. In 2002, it came to light that lonchar padded his academic credentials. Sues 5 exexecutives in veritas software fraud case the. Quadramed, the troubled san rafael software developer, said monday that its chief financial officer, martin aquino, had resigned amid allegations that he. The company said kenneth lonchar had claimed he had a masters of business administration from stanford university. Veritas was a great company up until a few years back.
Kenneth lonchar, the cfo of veritas software, was found deficient in veritas, slate also reported in its story school lies. The chief financial officer of veritas software has left the company after. Photo by hal horowitzap images hal horowitzap 12 of 18 kenneth lonchar, the cfo of veritas software, was found deficient in veritas, slate also reported in. Then it went through a rough patch and now it seems to be getting back on track again. The next year, the glorified cfo fell from grace when it was revealed that he never received an mba from stanford as he claimed. Petrone, on behalf of himself and others similarly situated, united food and commercial workers union local 880retail food employees joint pension fund, construction industry and carpenters joint pension trust for southern nevada, hawaii electricians pension fund, and hawaii electricians annuity. Veritas cfo ousted after false degree claim houston chronicle. This is visible to some extent in the ratings trend on glassdoor.
Such a large overhang in the hands of a diskdrive makeramounting to a third of veritass entire market caphampered a company trying to remain focused on its core software business, says lonchar. Kenneth lonchar, chief financial officer at veritas software corp. Naacp leader isnt black and other notable forgeries. Lonchar is responsible for overseeing the overall financial functions of the company. Sallaberry sailaberry collectively veritas defendants. Memorandum of points and authorities lonchars request, plaintiffs oppose the request to the extent that the securities and exchange commission sec documents are offered for the truth of the matter asserted therein.
Kenneth lonchar is senior vice president and chief financial officer of veritas software. Former cfo kenneth lonchar, who quit over an ethical lapse. Please help us continue to provide you with free, quality. Bloom said lonchar joined veritas through a merger with openvision in 1997. Claimed unearned master of business administration degree from stanford university. I regret this misstatement of my educational background, lonchar reportedly said in a statement. In 2012, yahoo ceo scott thompson was ousted after it was found that he padded his resume with an embellished college degree, ending his four month term at the company. Executive vice president and chief financial officer. The company expects to announce a new chief financial officer by the. Finally, the complaint alleges that lonchar, sallaberry and leslie were consulted in connection with veritass efforts to avoid a story about its transaction with aol, id. Veritas cfo quits amid resume roil silicon valley business journal.
Veritas 1996 chief executive officer compensation plan veritas software corp. In 2002, the companys cfo, kenneth lonchar was askedforced to resign his post due to. Veritas cfo fired for lying about stanford degree times. Lonchar claimed he had an mba from stanford, turns out. Veritas, now a wholly owned subsidiary of symantec corporation, was a software company headquartered in mountain view, california that. Kenneth lonchar, finance chief of veritas software, resigned in 2002 after the company learned he misstated his educational credentials, including falsely claiming to hold an mba from stanford. That didnt stop kenneth lonchar from lying about having a masters. Mark leslie president jay jones secretary kenneth lonchar vice president agent. Also before the court is the separate motion to dismiss, filed february 17, 2004 by defendant kenneth lonchar lonchar. Kenneth lonchar has resigned as executive vice president and chief financial officer of veritas software corp. Veritas led control software allows you to control compatible veritas led products via ethernet, usb, and wifi. Quadramed cfo quits, charged with falsifying resume sfgate. The veritas software corporation doesnt exist anymoreit became a part of symantec in 2005but when it did, from 1989 to the mid2000s, it was embroiled in one of the most damning cases of resume dishonesty in history.
Mw veritas may mean truth in latin, but it didnt for the chief financial officer. With respect to exhibits ac of defendant kenneth e. Veritas is latin for truth, a commodity in short supply in the resume of kenneth lonchar, chief financial officer of the storage software firm called veritas. Veritas software corporation plaintiffs opposition to. The three co founders of punebased factorial software provide mentoring services to software product companies. The company investigated and lonchar was asked to resign. Four years later, lonchar won cfo magazines excellence award for managing external stakeholders. Sec settles litigation with former veritas software corporation head of sales. Management of the storagesoftware company said it expects.
And chief financial officer kenneth lonchar was forced to resign from software firm veritas over inflated academic credentials, including a supposed mba from stanford. Veritas today put to bed an interminable accounting scandal dating back to the dotcom bubble, and the reign of its disgraced cfo kenneth lonchar. Petrone, on behalf of himself and others similarly situated, united food and commercial workers union local 880retail food employees joint pension fund, construction industry and carpenters joint pension trust for southern nevada, hawaii electricians pension fund. In 2005, software company veritas was purchased by cupertino, calif. The company, a maker of data storage and backup software whose name ironically means truth in latin, praised lonchars work and said it was saddened by the circumstances of his departure. Ceo of worlds largest luggage maker resigns after resume.
In addition, kenneth lonchar, a former executive with veritas software corp. Oct 18, 2009 1993 directors stock option plan veritas software corp. With a veritas account, you can use your login credentials and profile on multiple veritas applications including support, veritas entitlement management system, partnernet and vox community. Data protection pioneer veritas has become a market leader with a strong focus on cloudbased data protection and data management. Lonchar falsely claimed to have received an mba from stanford university. Barely a year later, kenneth lonchar, the cfo of softwaremaker veritas, which means truth in latin, resigned his post. Veritas says books are clean, even if cfos past muddled, dow jones news service 1032002. Lonchar resigned as chief financial officer after admitting he falsely claimed to hold an mba from stanford university. Sues 5 exexecutives in veritas software fraud case. Why do so many executives lie about their education. The company has its origins in tolerant systems, founded in 1983 and later renamed veritas software. Lonchar lost his cfo job at veritas software for lying about his educational credentials. Abbott spinoff ceotobe gonzalez lacks claimed university.
Sallaberry knowingly participated in a fraudulent scheme by artificially inflating veritas publicly reported revenues and earnings through a. Olympic committee, left office in 2002 after admitting she lied about having a ph. Mentor service for the startup companies in software 26 feb, 2009, 10. It specializes in storage management software including the first commercial journaling file system, vxfs, vxvm, vcs, the personalsmall office backup software backup exec and.