Security Software Provider McAfee Fires President; CEO Resigns in Options Scandal

Antivirus and security software provider McAfee Inc. (MFE) on Wednesday said it fired President Kevin Weiss, and announced that CEO and Chairman George Samenuk will retire after a stock options investigation found accounting problems that will require financial restatements.

The company said board member Dale Fuller will serve as interim CEO and president in the wake of the management shakeup. Fuller joined McAfee's board in January and has previously served as president and CEO of Borland Software Corp. (BORL).

McAfee said it determined it will need to restate certain financial results to record additional non-cash charges for stock-based compensation expense over a 10-year period. The charges are likely to range between $100 million and $150 million, the company said.

"I regret that some of the stock option problems identified by the special committee occurred on my watch," Samenuk said in a statement.

The company also named Charles J. Robel as non-executive chairman. Robel has been a board member since June.

McAfee said it has created a search subcommittee to find a permanent CEO and will look at both internal and external candidates.

Its shares rose 26 cents to $26.05 in premarket trading.