The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Computer Associates continues turn around with new CFO

Computer Associates, the US management software company that was embroiled in an accounting fraud scandal in 2003, has appointed Robert Davis as its new CFO. He joins after 18 years at rival software company Dell where he was most recently chief accounting officer. Davis replaces Jeff Clarke, who was promoted to chief operating officer soon after his appointment as CFO in April 2004. Clarke said of his successor: ?Bob's in-depth understanding of the financial discipline, rigour and planning necessary to generate success in the technology industry is unique.?

The CFO post at Computer Associates was initially made vacant in October 2003 when Ira Zar was sacked in connection with an investigation involving accounting fraud. The Audit Committee found that a total of $2.2 billion was booked prematurely by quarter within fiscal 2000 and 2001. Zar subsequently pleaded guilty to fraud charges.

In April 2004 the company restated certain financial data in a filing to the SEC. Revenue for the entire fiscal year of 2000 decreased $2 million from $6.094 billion to $6.092 billion, while for 2001 it increased $558 million from $4.190 billion to $4.748 billion.

The company's accounting fraud scandal resulted in the exit of more than a dozen executives, including the CEO.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree