KLA-Tencor Corporation (Nasdaq:KLAC) has announced that Jeffrey Hall, its CFO, will resign effective March 31, 2008. Normally we look further into CFO resignations since they are the final ones who "sign off on the books" but this reasoning has been disclosed as "to pursue an opportunity closer to his mid-western hometown."
The board of directors has also appointed John Kispert, KLA-Tencor’s president and chief operating officer, as the interim chief financial officer, effective March 31, 2008. Kispert will also retain his duties as president and chief operating officer. It also appointed Virendra Kirloskar, its vice president and corporate controller of KLA-Tencor, as chief accounting officer, effective March 31, 2008.
Besides an obvious slowing chip market, this doesn’t look like anything ominous that would need to be thoroughly questioned. It looks like he joining Express Scripts (NASDAQ: ESRX) as its CFO. Shares closed down 0.9% at $41.63 in normal trading, and shares are down almost 1% more at $41.22 in after-hours trading. KLA’s 52-week trading range is $39.86 to $62.67.
Jon C. Ogg
March 3, 2008