Polycom CEO resigns following expense irregularities

Tue Jul 23, 2013 5:07pm EDT

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(Reuters) - Videoconferencing company Polycom Inc (PLCM.O) said Chief Executive Andrew Miller has stepped down after irregularities were found in his expense submissions.

The company's shares, which closed 4 percent down on the Nasdaq on Tuesday, fell about 5 percent after the bell. They have risen about 11 percent in the last month.

Miller accepted responsibility for the irregularities, Polycom said.

The company said the amounts involved did not have a material impact on its current or previously reported financial statements.

Miller joined Polycom in 2009 and took the top job in 2010. He had earlier worked at Polycom's rival, Cisco Systems Inc (CSCO.O), for about 11 years.

Kevin Parker, who became chairman of the company two months ago, was named interim CEO.

Polycom posted second-quarter results ahead of analysts' estimates, helped by higher demand for its products.

Net income fell to $5.3 million, or 3 cents per share, from $6.3 million, or 4 cents per share.

Excluding items, the company earned 15 cents per share, beating analysts' estimates of 14 cents per share, according to Thomson Reuters I/B/E/S.

Revenue fell about 4 percent to $345.2 million, but was ahead of analysts' expectations of $341.4 million.

(Reporting by Chandni Doulatramani in Bangalore; Editing by Don Sebastian)

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