OI to review stock option grants |
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Tue, 23 Jan 2007 02:36
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COLLEGE STATION, Texas (AFX) - OI Corp., a maker of products used to analyze chemical compounds, said Monday its president and chief executive, William Botts, has agreed to be placed on administrative leave while the company reviews its historical stock option grants.The review is expected to be completed before April 2, the filing deadline for the company's annual report. However, if significant irregularities are uncovered, the company will have to delay filing its full-year report, OI said.While the company reviews its stock option grants, OI will suspend its ongoing stock buyback program.Richard W.K. Chapman, who currently serves on the board, was named acting chief executive, while Donald Segers, vice president and general manager of OI's CMS subsidiary, was named acting president.Raymond Cabillot, a director on the board, was named chairman.J. Bruce Lancaster, the company's vice president and chief financial officer, was named corporate secretary. Lancaster will succeed Jane Smith, who was also placed on administrative leave pending the results of the stock option review.At least 92 companies have launched or completed internal reviews of their stock-options practices. Another 106 companies have been questioned by the Securities and Exchange Commission or Department of Justice over possible stock-options backdating.Shares of OI closed down 27 cents, or 2.4 percent, at $11.15 on the Nasdaq. The stock has ranged from $9.53 to $15 over the past year.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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