BMC Software Chief Financial Officer (CFO) George Harrington resigned Monday and was immediately replaced on an interim basis by the company's treasurer. BMC offered few details about the unexpected change in its executive lineup, but said Harrington's resignation was not tied to any financial irregularities.
"[BMC Chief Executive Officer] Bob [Beauchamp] and George came to a mutual agreement that he should leave the company," BMC spokesman Andy Foster said. Harrington joined Houston-based BMC 17 months ago after a lengthy career at IBM, where he ultimately served as vice president of finance for IBM's software group.
Infrastructure software maker BMC has been struggling with losses and slow growth in its flagship systems management business. Earlier this year it cut around 12 percent of its workforce.
"While it is usually not a good thing for a company to have a CFO change, we anticipate that the transition will go smoothly," Piper Jaffray & Co. analyst David Rudnow opined in a research note. "We also do not believe that this news is a negative signal for the company or its turnaround currently underway."
BMC's interim CFO, Stephen Solcher, has served as the company's treasurer since 1992. BMC has a CFO search in progress and will consider both internal and external candidates, Foster said.
"We'd like to get it done as soon as possible," he said.