SAN FRANCISCO Citing the company's ongoing investigation into historical stock options granting practices, Broadcom Corp. Chief Financial Officer (CFO) William Ruehle abruptly stepped down Tuesday (Sept. 19). Broadcom's board named Bruce Kiddoo, vice president and corporate controller, acting CFO on an interim basis.
Broadcom (Irvine, Calif.) is one of dozens of companies currently under scrutiny for historical stock options granting practices. Broadcom said earlier this month it would restate finances for 2000 through 2005 and for the first quarter of 2006. The company expects to record additional non-cash stock-based compensation expenses of about $1.5 billion.
Ruehle, 64, has served as Broadcom CFO since 1997. Citing the ongoing investigation, Broadcom said it would make no further comment on Ruehle's decision to step down.
Kiddoo, 45, joined Broadcom in 1999. He has been corporate controller since 2002. He previously held financial positions at LSI Logic Corp., IBM and the U.S. Navy.