VeriFone CEO to Step Down

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VeriFone is to lose its chief executive. Douglas Bergeron will step down from the CEO position effective March 12. The company named Chairman Richard McGinn interim CEO until a replacement is found. It has formed a search committee to screen candidates for the position.

VeriFone didn't specify the reasons for Bergeron's departure, but it comes shortly after the company announced that key Q1 and Q2 results would come in substantially below expectations. Its shares plunged by nearly one-third after that announcement was made.

Bergeron had led the company since 2001. McGinn has been a director since 2008 and became board chairman last year.

The article VeriFone CEO to Step Down originally appeared on Fool.com.

Fool contributor Eric Volkman and The Motley Fool have no position in VeriFone. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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