NVIDIA Corporation (NASDAQ: NVDA) just gave news of an executive departure that investors probably wish that they did not see after its shares had recovered so much from its lows. After the close came word that David White was stepping down as chief financial officer. The reasoning given was “for personal reasons” and it was noted that he will remain an employee through May 31, 2011.
Karen Burns will replace White as interim CFO and she is currently NVIDIA’s corporate controller and vice president of tax. She has served as the head of NVIDIA’s tax department for 10 years. Burns also served nine years in tax and audit roles with KPMG and noted that she holds bachelor’s and master’s of accounting degrees from Florida State University.
If anyone knows a company’s finances it is generally the CFO of the company. That is why investors always hate when a CFO suddenly quits. The good news here is that the two-month-plus exit implies does not mean any dire warnings that financial shenanigans are bound to be found.
NVIDIA shares are down 2.2% at $17.19 in the after-hours session after closing down almost 3% at $17.66 in regular trading. NVIDIA had already been weak for about two weeks since it broke under its 50-day moving average. The 52-day moving average is $22.05 and the 200-day moving average is $14.23.
JON C. OGG
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