This data can sometimes help you identify similar companies that are connected in some way. Kenneth lonchar previous chairman for veritas software. The company has its origins in tolerant systems, founded in 1983 and later renamed veritas software. Oct 16, 2019 kenneth lonchar resigned as cfo of veritas software corporation in 2002 for lying about a stanford mba. Take, for example, kenneth lonchar of veritas software corp. I regret this misstatement of my educational background, lonchar reportedly said in a statement. Kenneth lonchar, chief financial officer of veritas software. Ptc cfo joins veritas supply and demand chain executive.
The wall street transcript is a completely unique resource for investors and business researchers. These are the systems that are now supporting mission critical applications and playing a major role in corporate computing services. Veritas stock dropped 17 percent after the news surfaced. Oct 03, 2002 the company, a maker of data storage and backup software whose name ironically means truth in latin, praised lonchar s work and said it was saddened by the circumstances of his departure. Ken lonchar s fiveyear term as veritas software s cfo came to a halt in 2002 when it was discovered that the mba degree he claimed to have received from. Fabricated resume costs veritas cfo the edwardsville. A brief course in education verifications hireright. Kenneth lonchar veritas software corporation vrts january 11, 2001. Kenneth lonchar has resigned as executive vice president and chief financial officer of veritas software corp. While kens misstatement about his academic credentials is unfortunate, it has no.
Oct 19, 2002 earlier this month, the veritas software corporation fired its chief financial officer, kenneth e. Veritas software corporation is a leading supplier and developer of data availability software in areas such as storage management, data protection, and system backup and recovery. Kenneth lonchar veritas software corporation vrts the. Kenneth lonchar is senior vice president and chief financial officer of veritas software. Heres a story about fradulent resumes from news observer publications. The chief financial officer of veritas software has left the company after. Agreement and plan of reorganization veritas software corp. Sep 19, 2012 veritas softwares chief financial officer kenneth lonchar resigned in 2002 after admitting he lied about having a masters degree in business administration from stanford university. The ceo of a major software firm lied about getting an mba from stanford. Kenneth lonchar chief financial officer of veritas software.
Lonchars motion to strike portions of corrected consolidated class action complaint for violation of the federal. Agreement and plan of reorganization this agreement and plan of reorganization this agreement is entered into as of january, 1997, by and among veritas software corporation, a california corporation veritas, veritas software corporation, a delaware corporation newco, and openvision. Veritas and microsoft forge global strategic partnership for. Data protection pioneer veritas has become a market leader with a strong focus on cloudbased data protection and data management. Veritas had seen its previous cfo, kenneth lonchar, resign in october after it was revealed that he had misstated his educational credentials, including incorrectly claiming to have received a masters degree in. 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. Oct 04, 2002 veritas chief financial officer and executive vice president kenneth lonchar resigned from his post thursday, admitting that he had fabricated a stanford business degree on his resume. On july 2, 2007, the securities and exchange commission filed civil fraud charges in the united. Now lonchar, who resigned after the disclosure of the faked credential, is in more trouble. The mountain view, californiabased company said it will name a new cfo by the end of the year. In october 2002, it emerged that the companys chief financial officer, kenneth lonchar, had lied about his educational credentials on his cv. Shareholders in storage management software giant veritas software may shortly be rethinking their investment strategies.
Resigned and veritas stock price fell about 16 percent. After investigating lonchars resume, veritas discovered the executive had fabricated some of his academic credentials, including a stanford university mba that he never received. Mar 27, 2017 kenneth lonchar, evp of veritas software claimed to have received an accounting degree from arizona state university and an mba from stanford. Lonchars credentials were brought to the attention of management from a. Lonchar said he earned an accounting degree from arizona state university and an mba from. Plaintiffs file this combined opposition to the separate motions by kenneth lonchar lonchar and the veritas defendants. Lonchar key employee agreement this key employee agreement, dated as of the 25th day of april, 1997, is by and between veritas software corporation, a delaware corporation veritas delaware, veritas software corporation, a california corporation veritas california veritas delaware and veritas california may be referred. We have found 66 companies and 100 people at this address. Plaintiffs file this combined opposition to the separate motions by kenneth. We have found 100 companies and 100 people at this address. Lies, damn lies, and storage software information age.
Mar 14, 2017 today, i continue my exploration of level iii, deep dive due diligence by considering why you need this type of background investigation in the context of the hiring and promotion of. Online appendix sample aaers aaer 2631 income statement fraud. Overview for 4800 great america pkwy santa clara, ca 95054. This included falsely declaring that he had received an mba masters in business administration from stanford university.
Moving defendants are former officers and directors of veritas software corporation. Veritas cfo quits amid resume roil silicon valley business journal. Kenneth lonchar, cfo of veritas software corporation, was fired for stating on his resume that he had a masters degree from stanford university when, in reality, he did not even have an mba. Jeff papows chief executive officer of lotus corporation.
The companies and people listed on this page at one time used the above address in association with their company. 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 fund. Sep 30, 2002 kenneth lonchar has resigned as executive vice president and chief financial officer of veritas software corp. Through alliances with leading original equipment manufacturers oems, veritas software is embedded in a wide range of computer products, from workstations to servers. Thats when it was discovered that he never actually obtained his mba from stanford university, as his resume said. 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.
It specializes in storage management software including the first commercial journaling file system, vxfs, vxvm, vcs, the personalsmall office backup software backup exec and. Lonchar fabricated his education, saying he earned an accounting degree from arizona state university and was a. 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. Sues 5 exexecutives in veritas software fraud case. Ppt lies, lies, lies powerpoint presentation free to. Veritas software corporation plaintiffs opposition to.
After investigating lonchar s resume, veritas discovered the executive had fabricated some of his academic credentials, including a stanford university mba that he never received. View kenneth lonchar s profile for company associations, background information, and partnerships. Sallaberrys motion to dismiss corrected consolidated class action complaint. Sallaberry sallaberry are collectively referred to herein as the veritas defendants. The company said kenneth lonchar had claimed he had a masters of. Lonchar, after discovering that he did not have an m. There was also george oleary from notre dame who misrepresented his athletic and academic background, then resigned as head football coach. Sec charges five former officers of veritas software corporation with participating in accounting fraud scheme. February 22, 2017 veritas technologies, the leader in information management and microsoft corp. Veritas finance head resigns amid resume discrepancies wsj. Lonchar falsely claimed to have received an mba from stanford university. Agreement and plan of reorganization this agreement and plan of reorganization this agreement is entered into as of january, 1997, by and among veritas software corporation, a california corporation veritas, veritas software corporation, a delaware corporation newco. The companys stock dove when the truth surfaced kenneth lonchar joined veritas software corp.
He claimed to hold an mba from stanford when he didnt. Veritas cfo ousted after false degree claim houston chronicle. Apply to java developer, systems administrator, linux engineer and more. The company provides cybersecurity software and services. Veritas software corporation file system white paper overview the veritas storage management product line has been designed in response to the needs of commercial computing environments. Veritas cfo quits amid resume roil silicon valley business. Agreement and plan of reorganization veritas software.
Mark leslie president jay jones secretary kenneth lonchar vice president agent. Lonchar is responsible for overseeing the overall financial functions of the company. Veritas cfo resigns over lie on resume computerworld. Search our database of over 100 million company and executive profiles. Management of the storagesoftware company said it expects. Tal explained that executive background checks are typical employment level checks that executive recruiters often do or the hr department in a larger corporation may run a routine background check on an executive background check on an executive. Lonchar instructed newton to direct finance personnel to inflate the deferred revenue balance. At oneyear anniversary, veritas streamlines path to microsoft azure for enhanced data storage, governance. Lonchar key employee agreement this key employee agreement, dated as of the 25th day of april, 1997, is by and between veritas software corporation, a delaware corporation veritas delaware, veritas software corporation, a california corporation veritas california veritas delaware and. Sep 20, 2000 kenneth lonchar is senior vice president and chief financial officer of veritas software. Veritas said lonchar will be replaced on an acting basis by chief administrative officer jay jones. The chief financial officer at veritas software corp.
Importance of background checks at employment profile. Veritas and microsoft forge global strategic partnership. Top 10 executive resume scandals quantum tech resumes. Sec brings this action against moving defendants mark leslie leslie, kenneth lonchar lonchar, and paul sallaberry sallaberry, as well as michael cully cully and douglas newton newton. Mar 14, 2017 often there is stock price drop, as was seen in the examples of nitec and veritas software. The company also has development centers in pune, chennai and bangalore. Sues 5 exexecutives in veritas software fraud case the. Lonchar claimed to have an accounting degree form arizona state university and an mba from stanford. Cfo kenneth lonchar, the trouble started in the fall of 2002. Veritas cfo steps down executive admits he lied about. Veritas cfo ousted after false degree claim houston. Veritas, now a wholly owned subsidiary of symantec corporation, was a software company headquartered in mountain view, california that.
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