Concur's stock sinks after CEO admits he didn't earn degree |
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Concur's stock sinks after CEO admits he didn't earn degree
Steve Singh
Concur Technologies Chief Executive Steve Singh did not graduate from the University of Michigan with an engineering degree as he had previously represented in corporate filings. The Redmond software company's stock plummeted nearly 20 percent on the news, which was brought to light by San Diego stock-scam-artist-turned corporate-identity-checker Barry Minkow.
It marks the second time in the past 10 days that revelations have come to light that a top executive at a Seattle technology company did not complete a college degree. Last week, Marchex co-founder and chief operating officer Peter Christotholou admitted that he didn't earn degree from the University of Washington. The post on TechFlash generated numerous comments from readers who said the misrepresentation was unacceptable, some of whom called for the executive's resignation.
I am awaiting a statement from Concur -- one of Seattle's largest software companies -- on the situation. Concur's stock closed at $18.20, down $4.47.
Bloomberg reported that Singh attended the University of Michigan from 1979 to 1983 but didn't earn a degree. It also noted that Singh's claim of a degree was removed from biographical information in financial documents in 2007, with no disciplinary action taken. Singh's misrepresentation appears to run counter to the company's code of ethics, which says in part: "The integrity and reputation of Concur depends on our collective and individual honesty, fairness, and integrity."
Singh co-founded Concur in 1996 and has built it into a leader of travel and entertainment expense management software. It reported revenue of $58.6 million for the first quarter, up 22 percent over the same period last year.
UPDATE: Here's Concur's statement:
"The information regarding Mr. Singh's higher education degree as stated in Concur public filings until January 2007 was incorrect. Mr. Singh corrected the error and it was subsequently corrected in public filings in January 2007. Mr. Singh attended the University of Michigan but did not complete his degree."
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