Computer Associates...Well, It's a Start
The board of directors of software maker Computer Associates International Inc. (CA ) has been patient -- many would say to a fault. Even as a two-year federal investigation of alleged accounting misdeeds at the Islandia (N.Y.) company edged closer and closer to Chairman and CEO Sanjay Kumar, the board held off on replacing him. Despite a guilty plea by former CFO Ira Zar on securities-fraud charges on Apr. 8 in which he implicated "high-level" executives in the alleged scheme to misallocate revenues, the board said its internal investigation had not turned up evidence that Kumar broke the law.
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