Visa to sell shares in IPO
NEW YORK -- Following the lead of MasterCard Inc., competitor Visa announced Wednesday that it plans to restructure its organization to create a new company and then sell shares in an initial public offering. Since its IPO, the shares of No. 2 card issuer MasterCard have soared to 70 from an opening day price of 46 in May.
McAfee, CNet CEOs leave
SAN FRANCISCO -- The chief executives of McAfee Inc. and CNet Networks Inc. stepped aside Wednesday to atone for stock-option chicanery that occurred on their watch, expanding the list of business leaders swept up in a messy scandal that is erasing profits and spurring government investigations. McAfee, a leading maker of anti-virus software, parted ways with George Samenuk, who retired as its chairman and CEO after nearly six years on the job. The Santa Clara-based company also fired its president, Kevin Weiss. CNet, which runs a stable of technology news and entertainment Web sites, accepted the resignation of co-founder Shelby Bonnie, who has been running the San Francisco-based company for the past six years.