New CEO, Same Old Problems?

Talk about a triple whammy. CA surprised investors today by delaying 4Q financial results, restating 3Q results and delaying a June 8 Financial Analyst Day with Wall Street’s power brokers.

Nobody is suggesting that the “new” CA is cooking its books the way it did under former CEO Sanjay Kumar. But current CEO John Swainson has his hands full. CA today said the company has “a material weakness in its financial controls” regarding its ability to forecast and track sales commissions.

If CA can’t make financial forecasts using its own business intelligence software, is there any hope for the rest of us?