ACS, Internal, Executive, Investigation
Internal investigation leads to executive shake-up at ACS
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Affiliated Computer Services, Inc. (ACS) announced the completion of the company's internal investigation into its historical stock option practices and the actions it is taking in response to the findings of the investigation, including changes in its executive management. The investigation concluded that certain conduct of Mark A. King, the company's Chief Executive Officer, and Warren D. Edwards, the company's Chief Financial Officer, violated the company's Code of Ethics for Senior Financial Officers. King and Edwards have resigned, effective November 26, 2006, and have entered into separation agreements with the company.
The Board of Directors has appointed Lynn Blodgett, who has been serving as Executive Vice President and Chief Operating Officer of the company and as a director since September 2005, as President and Chief Executive Officer, and John Rexford, who has been serving as Executive Vice President - Corporate Development since March 2001, as Executive Vice President and Chief Financial Officer and as a director, in each case effective immediately. Blodgett and Rexford have served in various executive capacities with the Company for over ten years.
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