Tellabs CFO Resigns
May 20th 2013 6:02PM
Updated May 20th 2013 7:00PM
Naperville, Ill.-based Tellabs needs a new CFO.
In a vain attempt to avoid tanking its stock price, Tellabs announced Monday that company Executive Vice President and Chief Financial Officer Andrew B. Szafran has just resigned "for personal reasons" -- and most definitely for reasons "unrelated to Tellabs operations, financial reporting, or business outlook."
Investors don't appear to be buying that story, though, and were also not appeased by Tellabs' move to temporarily replace Szafran with company Chief Accounting Officer Tom Minichiello. In the wake of the CFO's departure announcement, Tellabs shares dropped 6.5% to close at $2.02 per share.
Counting today's losses, the money-losing company has seen its stock decline 39% in the past year. Analysts polled expect it will be at least another year before the company turns solidly profitable on an annual basis -- a goal that management turmoil could push even farther off.
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