ClearOne to Replace Chief Financial Officer
Apr 13, 2004 6:15 PM
ClearOne Communications (www.clearone.com) will replace George Claffey, its chief financial officer, as a result of his decision not to relocate to Salt Lake City as originally planned.
The board of directors says it believes it is important for the CFO to reside near ClearOne’s headquarters and to be committed to the company on a long-term basis. It says that is particularly true in light of ClearOne’s intense efforts to bring its SEC filings current within the next few months.
The board has accepted Claffey’s resignation, and ClearOne has begun the search for a new CFO. The audit committee of the board of directors will oversee the organization’s financial responsibilities until a permanent replacement is hired. Claffey will continue to work with the company as a financial consultant throughout the current audit and through the initial process for relisting on NASDAQ.
“We appointed George as CFO with the expectation that he would relocate to Salt Lake City,” says Mike Keough, president and chief executive officer. “He has been a tremendous asset to the company, and we are regretful that his family situation prevents him from making a long-term commitment to the company and to the Salt Lake City area. We respect George’s decision and will miss his contributions, knowledge, and leadership.”
“I am pleased with what we have been able to accomplish over the last 15 months and, more recently, with the progress of the financial audit, which I am confident is being carried out as expeditiously as possible,” says Claffey. “ClearOne has an extremely strong future, and while I wish I could stay on through completion of the audit, it is important for the company to have a CFO in place who can not only oversee the release of the audited financial information and the NASDAQ relisting process but also remain on board for the long term to ensure consistency in financial reporting.”
Claffey joined ClearOne as interim CFO in January 2003 and was named CFO in November 2003. During his tenure, he directed all financial responsibilities for the organization and was instrumental in the settlement of the various litigation matters that the company faced: identifying and assisting the board’s audit committee in hiring a new audit firm, developing and implementing internal financial reporting and budgeting processes, and managing the audit process of the company’s historical and unreported financials.
