- Citigroup comments on Adobe Systems (NASDAQ:ADBE) saying they do not believe Randy Furr's resignation as CFO was based on any negative issues, financial or operational, at Adobe.
Firm believes he voluntarily resigned for personal reasons and not at Adobe's request.
Although unconfirmed, they believe his decision may be related to the ongoing options investigations issues at his former employer Sanmina-SCI Corporation. While the extent of his involvement is unclear, Mr. Furr may have decided it is best not to risk casting any shadows on Adobe. Mr. Furr was CFO of Sanmina from 1992 until 1996, and was then promoted to President and COO. He resigned from Sanmina on 10-24-05. Adobe announced his appointment as CFO on 5-18-06, with a start date of 5-30-06.
Considering the caliber of Adobe's market standing, the firm does not believe it will be difficult to find a high quality replacement. Maintains Buy and $47 tgt.
Notablecalls: The only question on my mind is how much down does the stock have to gap in order for it to become buyable. $1.50 is my bet.
Firm believes he voluntarily resigned for personal reasons and not at Adobe's request.
Although unconfirmed, they believe his decision may be related to the ongoing options investigations issues at his former employer Sanmina-SCI Corporation. While the extent of his involvement is unclear, Mr. Furr may have decided it is best not to risk casting any shadows on Adobe. Mr. Furr was CFO of Sanmina from 1992 until 1996, and was then promoted to President and COO. He resigned from Sanmina on 10-24-05. Adobe announced his appointment as CFO on 5-18-06, with a start date of 5-30-06.
Considering the caliber of Adobe's market standing, the firm does not believe it will be difficult to find a high quality replacement. Maintains Buy and $47 tgt.
Notablecalls: The only question on my mind is how much down does the stock have to gap in order for it to become buyable. $1.50 is my bet.
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