Top McAfee exec to step down

Security software maker McAfee Tuesday said that top executive Stephen Richards would retire from his positions as chief operating officer and chief financial officer, effective from Dec. 31 this year. The Santa Clara, Calif.-based company has already initiated a hunt for new CFO.

Richards, who has been with McAfee since April 2001, was instrumental in restoring the company's financial health and oversaw several acquisitions, including the pending purchase of Foundstone, McAfee CEO George Samenuk said in a statement. Before joining McAfee, Richards was senior vice president of a venture capital fund launched by E*Trade.