Tellabs CFO Resigns
Naperville, Ill.-based Tellabs needs a new CFO.
In a vain attempt to avoid tanking its stock price, Tellabs announced Monday that company Executive Vice President and Chief Financial Officer Andrew B. Szafran has just resigned "for personal reasons" -- and most definitely for reasons "unrelated to Tellabs operations, financial reporting, or business outlook."
Investors don't appear to be buying that story, though, and were also not appeased by Tellabs' move to temporarily replace Szafran with company Chief Accounting Officer Tom Minichiello. In the wake of the CFO's departure announcement, Tellabs shares dropped 6.5% to close at $2.02 per share.
Counting today's losses, the money-losing company has seen its stock decline 39% in the past year. Analysts polled expect it will be at least another year before the company turns solidly profitable on an annual basis -- a goal that management turmoil could push even farther off.
The article Tellabs CFO Resigns originally appeared on Fool.com.Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. 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.