Former Cisco Exec Tapped As McAfee CFO
Chadwick will join McAfee on June 14, taking over for Rocky Pimentel, who has held the dual titles of CFO and COO since joining McAfee in 2008. Pimentel announced his retirement in February but plans to stay on in a transitional role until sometime early in the third quarter.
Chadwick's most recent position at Cisco was senior vice president and CFO, Global Customer Markets, a title that spanned the networking giant's service provider, enterprise, commercial, small business and consumer segments. He has also been involved in the planning and introduction of new business models at Cisco.
Holding the title of McAfee CFO won't be without its challenges. In McAfee's 2010 first quarter, profit dropped 30 percent year-on-year due in part to the vendor's inability to close several million dollar deals during the quarter.
The last week in April was especially volatile for McAfee shares. Speculation of a possible HP acquisition of McAfee, a rumor that's several years old, sent shares above $41.50 prior to the earnings call. But the disappointing results caused investors to flee, and McAfee shares subsequently dropped as low as $31.28.
McAfee shares stood at $34.19 in midday trading Tuesday.