U.S. IT services company Kyndryl has been thrown into crisis by an accounting inquiry and a wave of executive resignations. Its shares plunged 55 percent in a single day.
According to a recent report by Techzin, Kyndryl disclosed it received a request from the U.S. Securities and Exchange Commission to submit accounting-related documents. The SEC is investigating cash management, financial reporting and internal controls. During this, Kyndryl shares sank to $10.59 from $23.60.
Executive departures are also a negative factor.
Chief Financial Officer David Wyshner (데이비드 위시너) and General Counsel Edward Sebold (에드워드 세볼드) suddenly resigned, and a month earlier the chief people officer also left the company.
Kyndryl's performance is solid. Fourth-quarter revenue for fiscal 2025 rose 3.2 percent from a year earlier to $3.86 billion. Chief Executive Martin Schroeter (마틴 슈뢰터) said, "There will be no impact on the financial statements," and added, "We will focus on business objectives."
Chi-gyu Hwang
delight@d-today.co.kr