CoreLogic, a provider of information, analytics and business services, has announced that Chief Financial Officer Anthony "Buddy" Piszel has resigned as CoreLogic CFO. Piszel, who joined CoreLogic in January 2009, will stay on in a non-executive capacity through June 1, 2011 to assist in a smooth transition of his responsibilities. Piszel has informed the company that he received a Wells Notice from the U.S. Securities & Exchange Commission (SEC) staff in connection with certain disclosure matters during Piszel's tenure at his previous employer, Freddie Mac. Piszel served as CFO of Freddie Mac from November 2006 to September 2008.
The SEC's inquiry relates to a period that predates Piszel's employment with CoreLogic and is not directed at the company or any other CoreLogic employees.
The Wells notice indicates that the SEC staff is considering recommending a civil enforcement action against Piszel. Under the SEC's procedures, recipients of a Wells notice have the opportunity to respond in the form of a "Wells submission" in which they seek to persuade the SEC that no action should be commenced. Piszel has informed CoreLogic that he intends to make such a submission.
"While we appreciate Buddy's contributions during his tenure at CoreLogic, after careful consideration of these developments, our Board of Directors, Buddy and I decided it would be in the best interest of the company for Buddy to leave CoreLogic to focus on his response to these issues," said Anand Nallathambi, president and chief executive officer.
A search for a successor CFO is underway. In the interim, Senior Vice President of Finance and Accounting Michael A. Rasic, will serve as principal financial officer reporting directly to Nallathambi. CoreLogic has also engaged former Standard Pacific Corporation CFO Andrew H. Parnes as a consultant during the transition to a new CFO.
For more information, visit www.corelogic.com.
