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Polycom CEO resigns after expense irregulaties found
Andrew Miller�resigned Tuesday as CEO, president and board member of Polycom, the telepresence, video and voice technology maker, after the company found irregularities with his expense accounting, according to a regulatory filing.
"On July 17, 2013, the Audit Committee of the Board completed a review of certain of Mr. Miller's expense submissions. The Audit Committee found certain irregularities in these submissions. At the conclusion of the review, Mr. Miller accepted responsibility and submitted the letter," the filing with the Securities and Exchange Commission states. It does not detail what irregularities were found.
Polycom said it had appointed board Chairman�Kevin Parker�to be interim CEO and president. Parker has been a director since January 2005 and is currently a managing principal at Bridge Growth Partners. He was previously president, CEO and chairman of Deltek, a business software applications company, and was also co-president of PeopleSoft, where he held a variety of positions, including CFO.
Polycom Tuesday also reported revenue of $345 million with a profit of $5 million for the second quarter, beating analysts' estimates.
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