BMC's chief financial officer (CFO) George Harrington has resigned with immediately effect and been replaced on an interim basis by the company's treasurer.
The company offered few details about the unexpected news, but said Harrington's resignation was not tied to any financial irregularities. "Bob [Beauchamp, BMC's CEO] and George came to a mutual agreement that he should leave the company," said a company spokesman.
A clue is given in the statement put out by the company. Bob Beauchamp was quoted as saying: "Steve has been a driving force in the transformation of BMC through his leadership in finance, accounting and our ongoing acquisition activities. Moving forward with Steve as interim CFO, we are assigning a proven veteran performer to this key position while we complete our search."
Harrington joined BMC 17 months ago after a lengthy career at IBM where he ultimately served as vice president of finance for IBM's software group.
Infrastructure software maker BMC has been struggling with losses and slow growth in its flagship systems management business. Earlier this year it cut around 12 percent of its workforce.
"While it is usually not a good thing for a company to have a CFO change, we anticipate that the transition will go smoothly," analyst David Rudnow from Piper Jaffray said in a research note. "We also do not believe that this news is a negative signal for the company or its turnaround currently underway."
BMC's interim CFO, Stephen Solcher, has served as the company's treasurer since 1992. BMC is already looking for a permanent replacement and will consider both internal and external candidates, it said.
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