Insider trading: IBM puts executive on leave after charges
The Armonk, New York-based company says Robert Moffat, a senior vice president and cost-cutting maven who was considered a top candidate to succeed CEO Sam Palmisano, no longer serves as an officer of the company.
By Agencies |
ARMONK: IBM Corp has placed a top executive on leave after he was charged in an insider trading scandal for allegedly leaking secrets about IBM's earnings and financial dealings with corporate partners.
The Armonk, New York-based company says Robert Moffat, a senior vice president and cost-cutting maven who was considered a top candidate to succeed CEO Sam Palmisano, no longer serves as an officer of the company.
Rodney Adkins, currently senior vice president in charge of development and manufacturing, was tapped to assume Moffat's position on an acting basis. That gives him oversight over IBM's mainframes and computer servers.
Adkins is IBM's highest-ranking black executive.
US securities regulators are pursuing "significant" insider trading cases involving financial professionals, a source familiar with the matter said on Monday.
The source would not say whether the matter is related to one that ensnared billionaire hedge fund founder Raj Rajaratnam and executives from some of the biggest U.S. companies.
The Armonk, New York-based company says Robert Moffat, a senior vice president and cost-cutting maven who was considered a top candidate to succeed CEO Sam Palmisano, no longer serves as an officer of the company.
Rodney Adkins, currently senior vice president in charge of development and manufacturing, was tapped to assume Moffat's position on an acting basis. That gives him oversight over IBM's mainframes and computer servers.
Adkins is IBM's highest-ranking black executive.
US securities regulators are pursuing "significant" insider trading cases involving financial professionals, a source familiar with the matter said on Monday.
The source would not say whether the matter is related to one that ensnared billionaire hedge fund founder Raj Rajaratnam and executives from some of the biggest U.S. companies.
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