Saba Chairman And CEO Bobby Yazdani To Step Down - Quick Facts
(RTTNews.com) - Saba (SABA) announced that Bobby Yazdani will step down as Chairman, Chief Executive officer and Director, effective March 1, 2013.
In connection with the change in leadership, Shawn Farshchi, Saba's Executive Vice President and Chief Operating Officer, has been named Interim Chief Executive Officer. Farshchi, a 30-year veteran of building high-technology companies, will also retain his responsibilities as COO.
In addition, the company said its board has separated the roles of Chairman of the Board and CEO and appointed independent director Bill Russell to the position of non-executive Chairman.
The company noted that it intends to commence a search for a permanent Chief Executive Officer, and will consider both internal and external candidates.
The company stated that its Board is dissolving the role of lead independent director, which is no longer needed due to the appointment of an independent director to the role of non-executive Chairman.
Saba also announced that the Audit Committee of Saba's Board of Directors has selected KPMG LLP as its new independent registered public accounting firm of record. Saba will continue to work with its current independent registered public accounting firm, Ernst & Young LLP, to complete the restatement of its prior period financial results in order to file its overdue SEC periodic reports. KPMG's appointment as Saba's independent registered public accounting firm of record will be effective following the conclusion of the restatement.
The company also announced that it has entered into a letter agreement with Wells Fargo Bank, National Association dated as of February 26, 2013 pursuant to which Wells Fargo extended to March 31, 2013 the time for the Company to comply with certain terms of the Credit Agreement between parties dated as of June 27, 2011, primarily relating to the delayed SEC filings and the pending restatement of the Company's prior financial results.
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