VeriFone hires veteran valley CFO to help stabilize itself

VeriFone Holdings, the San Jose supplier of electronic payment systems that last month completed a restatement of several quarters of financials since 2007 that lopped off $70 million worth of previous profits, named Silicon Valley veteran Bob Dykes (pictured) to help leads its “continued growth and stability,” according to a press release Tuesday afternoon.

Dykes, a 30-year financial veteran who has served as CFO at major valley companies such as Symantec and Juniper Networks, comes to VeriFone from NebuAd, a provider of targeted online advertising networks, which he founded and has been chief executive since 2007.

He takes over from Clinton Knowles, who had been serving as interim CFO for all of two weeks following the planned resignation of Barry Zwarenstein who agreed in April to step down once the company filed its restated results with the SEC, which it did Aug. 19.

We posted about Zwarenstein’s separation agreement that included a promise by VeriFone that all it would tell prospective employer’s about his time with the company would be his title and dates of service.

Zwarenstein was also given a $250,000 lump sum severance payment, which in the world of executive pay seemed almost punitively small. It was also to be reduced by the repayment by him of any bonuses he got that were reversed as a result of the restatement. It turns out that those payments totaled $10,000 out of a $40,000 target in each of three quarters, reducing his severance payment by $30,000, according to the company’s preliminary proxy filed with the SEC last week.

Bay Area News Group blog editor (1221 Posts)