Polycom CEO departs over expense allegations

Former Polycom CEO Andrew Miller

Teleconferencing hardware firm Polycom Inc. confirmed Tuesday ithat CEO Andrew Miller had resigned last week amid allegations of “irregularities” in his expense report filings.

Miller “accepted responsibility” for irregularities uncovered by the company board’s audit committee, the company said in a press release, and resigned as president, CEO and board member. He has been replaced on an interim basis by board member Kevin Parker.
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News of the resignation came in a press release announcing the company’s second quarter results for 2013.

The company said the amounts involved did not materially affect the financial results, and that no other employees were involved.

“Andy Miller’s resignation under these circumstances is disappointing and should not be viewed as a reflection of the financial integrity of the company, the strength of our team or our plans for the future,” Parker said in a prepared statement. 

The 53-year-old Miller became CEO and president of Polycom in May 2010, after serving almost a year as executive vice-president of global field operations, according to Business Week.

The company’s second quarter revenue was $345 million, down 3.7 per cent year over year, but beating the Zacks Consensus Estimate of $342 million.

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