OI Corporation CEO Placed on Leave
The analytical instrument industry has been relatively untouched by the options scandal that has led to the departure of numerous executives at US companies. Last year, an internal review by Affymetrix found lapses in documentation, but no pattern of post-dating options. In contrast, the actions taken by OI suggest more serious consequences.
College, Station, TX 1/22/07—OI Corporation CEO, President and Chairman William W. Botts has been placed on paid administrative leave effective January 21 as the board of directors conducts a voluntary internal review of stock option grants and exercises, and related compensation procedures and accounting matters. Vice President, General Manager and board member Richard W.K. Chapman has been appointed acting CEO and Donald P. Segers, vice president and general manager of the CMS (chemical monitoring systems) subsidiary, has been appointed acting president. Raymond E. Cabillot will succeed Mr. Botts as chairman. Corporate Secretary Jane Smith has also been placed on administrative leave and the company has suspended its stock repurchase program.
