Symbol Technologies Inc CEO and acting chairman Richard Bravman has quit the company over a revenue recognition issue, which has led to a restatement of the company’s figures for the years 1998 to 2001 and the first three quarters of 2003.
The figures involved reverses a total of $234.2m of net revenue and net earnings of $324.7m.
According to a statement from the industrial PDA and mobile systems vendor, Bravman’s role was modest, participating in a single transaction of premature recognition of $860,000 in revenue, initiated by others, in the second quarter of 2001. He immediately informed his superior and did not participate in such a transaction again.
President and COO William Nutti will take over, as CEO and Salvatore Iannuzzi will become non-executive chairman.
This article is based on material originally produced by ComputerWire.