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Storage company Veritas fills CFO post

The company announces a new chief financial officer, filling a post left vacant when the company's prior CFO resigned over a lie on his résumé.

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Stephen Shankland
2 min read
Storage-software maker Veritas announced on Tuesday a new chief financial officer, Edwin Gillis, formerly of Parametric Technology, who fills a post left vacant when the prior CFO resigned over a lie on his résumé.

Veritas promised in October to have the post filled by the end of the year, but it took less than six weeks to find a replacement for Kenneth E. Lonchar, who resigned Oct. 3 after Veritas discovered he had falsely claimed to have received a master's in business administration from Stanford University.

Gillis had been CFO of Parametric Technology, which sells software to help engineers with manufacturing tasks such as designing 3D products, simulating stress tests of parts or generating circuit diagrams. Before that, he had been CFO for Lotus Development. He'll take over as Veritas' CFO on Monday.

Merrill Lynch securities analyst Scott Phillips said the move is a positive one for Veritas. "Gillis brings extensive experience as CFO of a software company and is well regarded by investors," he said. However, Veritas still must contend with customers' tight purse strings, Phillips said.

Veritas has been trying to expand its software for easing the difficulties of storing data on different types of storage systems and protecting such data against loss. The company announced last week the acquisition of NTP Software and its Storage Reporter monitoring software. In addition, Veritas has been diversifying its products so it's not so dependent on Sun Microsystems--embracing IBM and Linux.

Also Tuesday, Parametric named its senior vice president of finance, Thomas L. Beaudoin, to be acting CFO.