Shares of Polycom (PLCM) tumbled more than 9% in Wednesday pre-market trading after its CEO abruptly resigned.
Andrew Miller, who was also president and a director of the videoconferencing device maker, stepped down on Friday after the company’s board discovered “irregularities” in his expense reports. In a regulatory filing, Polycom indicated that Miller would continue to work for the company until mid-August. Early next year, he will be paid a lump-sum settlement of $500,000 in addition to some other benefits, the Associated Press notes.
The company did not reveal details of the “irregularities” contained in the expense reports.
Polycom also announced that it earned $5.3 million during the second quarter, down from $6.3 million during the same time last year. Adjusted EPS came in at 15 cents, down from 22 cents last year, but still topping the 14 cents that Wall Street had expected.
The company noted that the “irregularities” in Miller’s expense reports did not affect its financial results. Company Chairman Kevin Parker will serve as CEO until a permanent replacement for Miller can be found.