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Forrester CFO Resigns Following Share Probe
Technology consulting group Forrester Research has announced that its Chief Financial Officer and Treasurer Warren Hadley has resigned, following initial findings from an internal investigation into share option irregularities.
The voluntary inquiry, into an option grant for 5,000 shares made to Hadley in 1999, was initiated by the Audit Committee of Forrester's board of directors. The Audit Committee has hired independent counsel, lawyers Ropes & Gray LLP, to conduct the investigation, and Forrester has informed the US Securities and Exchange Commission.
The firm says the impact of the particular option grant is 'not financially material' but the review is still in its early stages. George F. Colony, Chairman of the Board and CEO, will also serve as acting CFO while the company conducts a search for a new one.
Forrester stresses that the investigation has been launched and pursued 'proactively and independently' by the company itself in accordance with its rigorous corporate governance procedures, and that its provision of client service will continue without disruption. The company, online at www.forrester.com , will provide updates as appropriate.
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