McAfee Fires President, CEO Retires

CEO and Chairman George Samenuk (picture) is out of job. And it's not like he was flipping burgers in a fast-food. He was the head of the world's second biggest maker of anti-virus software.

At least he didn't go alone as President Kevin Weiss joined him, but this fact is bound to have offered him little consolation. But while Samenuk was granted the privilege of retiring, McAfee's board has terminated Weiss' employment.

"After almost six years at McAfee, I have retired as Chairman and CEO in the best interests of the company, its shareholders and employees. I regret that some of the stock option problems identified by the special committee occurred on my watch. I am proud of the accomplishments of the McAfee team in serving our millions of customers during my tenure," apologized Samenuk in a statement.

Board member Dale Fuller has taken on the role of interim CEO and president, following the shakeup of McAfee's managerial team catalyzed by the surfacing of accounting discrepancies in its stock options grants after a probe into stock-option backdating.
According to McAfee, financial restatements are required. These will cover 10 years worth of additional non-cash charges for stock-based compensation expense. McAfee disclosed that it estimates that the charges will range from $100 million to $150 million.