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January 4, 2004

Bravman quits as Symbol CEO

Symbol Technologies Inc CEO and acting chairman Richard Bravman has quit the company over a revenue recognition issue, which has led to a restatement of the company's figures for the years 1998 to 2001 and the first three quarters of 2003.

By CBR Staff Writer

The figures involved reverses a total of $234.2m of net revenue and net earnings of $324.7m.

According to a statement from the industrial PDA and mobile systems vendor, Bravman’s role was modest, participating in a single transaction of premature recognition of $860,000 in revenue, initiated by others, in the second quarter of 2001. He immediately informed his superior and did not participate in such a transaction again.

President and COO William Nutti will take over, as CEO and Salvatore Iannuzzi will become non-executive chairman.

This article is based on material originally produced by ComputerWire.

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