CA Inc. announced that CEO John Swainson plans to retire at the end of the year, reports the Associated Press. He may retire earlier if a successor if found before that time. While the company’s committee searchs for an appropriate successor, Swainson leaves the company with a $14 million severance package, according to the AP. Swainson is credited with rebuilding the company’s reputation after a $400 million accounting fraud scandal that sent former CEO Sanjay Kumar to prison two years ago from his role. Swainson has worked for the information technology management software company for five years. He will step down from the company’s board after he retires. William McCracken, who previously served as non-executive chairman of the board, will act as interim-executive chairman until a successor is found.
CA CEO Swainson Retires, Leaves With $14M Severance
CA Inc. CEO John Swainson, who is credited with turning around the IT company after a $400 million accounting scandal, will leave after five years with a $14 million severance package.
September 2, 2009