If you believe that the company officials who backdated options should return any ill-gotten gains to the company for the benefit of shareholders, you may contact email@example.com for more information.
On Oct. 17 Sapient Corp. co-founder Jerry Greenberg resigned as chief executive officer as part of a management overhaul after a review found backdated stock option grants. Interim finance chief Susan Cooke also resigned, Cambridge, Massachusetts-based Sapient said in a statement. Stuart Moore, who started the company with Greenberg, will give up his title as co-chairman, though he will remain a director.
Sapient will restate earnings to reflect added options costs and won't release results as planned on Nov. 7. Executive Vice President Alan Herrick was named CEO and Jeffrey Cunningham, an independent director since 2004, was named chairman. Joseph Tibbetts, former chief financial officer at Novell Inc., will become CFO, the company said.
Sapient, a business and technology consulting company, said it expects to complete its review of options grants, spanning1996 until now, by the end of the year. The investigation has so far identified option grants that had incorrect measurement dates and weren't properly accounted for, the company said. Those options were awarded mainly during 1997 through 2001. The company hasn't decided how big the restatements may be.