Financial Troubles and Executive Changes
Sujal Patel, who founded Isilon in 2001 and served as its chief technology officer, returned to the company as CEO in the Fall of 2007. This followed the resignation of Chief Executive Steve Goldman and Chief Financial Officer Stu Fuhlendorf. In the spring of 2008 Isilon reported questionable revenue recognition events to the SEC under the previous regime. A number of earning reports submitted to the SEC from 2006 and 2007 were revised. Isilon introduced a new revenue recognition policy in order to remedy the previous issues.
Read more about this topic: EMC Isilon
Famous quotes containing the words financial, troubles and/or executive:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“It is quite a common and vulgar thing among humans to understand, foresee, know and predict the troubles of others. But oh what a rare thing it is to predict, know, foresee and understand one’s own troubles.”
—François Rabelais (1494–1553)
“One point in my public life: I did all I could for the reform of the civil service, for the building up of the South, for a sound currency, etc., etc., but I never forgot my party.... I knew that all good measures would suffer if my Administration was followed by the defeat of my party. Result, a great victory in 1880. Executive and legislature both completely Republican.”
—Rutherford Birchard Hayes (1822–1893)