Comverse (NASDAQ:CMVT) took the latest step in its rehabilitation from its stock-options backdating nightmare as it named a new CEO: former AT&T (NYSE:T) Wireless exec Andre Dahan. Daniel Ives, an analyst at Friedman Billings Ramsey, notes that Dahan has 30 years of experience in the wireless and technology sectors “which makes him well suited for taking over.”
Ives does note that some bears on the stock might suggest that filling the CEO slot makes it less likely that the company is no longer for sale (the company last month said it was reviewing its strategic options). But Ives, who has been insisting for months that the company is going to be sold or broken up, says he still thinks a break-up or LBO is likely. He continues to see a breakup value for the company of $24 to $28 a share.
In trading on the pink sheets - it remains in exile from Nasdaq for its stock-options shenanigans - Comverse yesterday was down 10 cents at $21.75.