Linux distributor Red Hat Inc. has appointed a new chief financial officer following the resignation of former CFO Kevin Thompson and the recent restatement of its revenue after an accounting policy change.
Raleigh, North Carolina-based Red Hat has appointed Charles Peters as executive vice president and CFO. He was previously CFO at fabric supplier Burlington Industries.
Former CFO Thompson announced that he was resigning from Red Hat in June to pursue other interests with his last task being the restatement of the company’s financial results for full year 2002, 2003 and 2004, and the first quarter of 2005.
Thompson’s resignation was not related to the restatement, which was triggered by a change in accounting policy for the Linux firm, with the company changing the way it recognizes subscription revenue from monthly to daily.
Red Hat CEO Matthew Szulik said in June that Red Hat was looking for a CFO with experience of at least a $750 million company and with strong experience of mergers and acquisitions. Red Hat’s latest annual revenue was just $124.7 million, although it does have $941.4 million in cash and investments to fund further growth.