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Tuesday, Mar 19, 2024
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Broadcom Names Brandt CFO

Broadcom Corp., looking to distance itself from a stinging options backdating scandal, on Wednesday named Eric Brandt its chief financial officer.

Brandt, 44, has been chief executive of Aliso Viejo-based Avanir Pharmaceuticals since 2005. Prior to that, he was chief financial officer of Irvine’s Allergan Inc.

Brandt’s background and two nods as one of the “Best CFOs in America” by Institutional Investor magazine bring a squeaky clean luster to the job vacated by Bill Ruehle, who retired last year when questions were first raised about how Broadcom granted stock options.

Prior to joining Allergan in 1999, Brandt was a vice president with Boston Consulting Group, advising drug makers. He holds an undergraduate degree in chemical engineering from the Massachusetts Institute of Technology and an MBA from Harvard Business School.

He will be in place by the end of the month, taking over for acting CFO Bruce Kiddoo, who will resume duties as vice president and corporate controller.

Broadcom announced in January that it would revise financial statements for 1998 to 2005 with charges of $2.2 billion to stock option grants that weren’t properly accounted for.

Ruehle has been singled out by the company for his role, though his attorney has said no crimes were committed. Federal prosecutors are “strongly considering” criminal charges against Ruehle, according to published reports.

Former chief executive Henry Nicholas and current Chairman Henry Samueli also are being investigated, according to the reports. The company’s internal audit found no intentional wrongdoing on either of their parts.

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