Super Micro Computer, Inc. (SMCI, Financial) has announced significant leadership changes following the completion of an investigation by a Special Committee of its Board of Directors. The company revealed that it will begin the search for a new Chief Financial Officer (CFO) immediately, while David Weigand will continue to serve in the role until a successor is appointed.
In a strategic move, Kenneth Cheung has been appointed as the Senior Vice President and Chief Accounting Officer, effective November 27, 2024. Cheung, who has been with the company since 2017, will now serve as the principal accounting officer. His extensive experience includes roles at Lumentum Holdings Inc. and Pericom Semiconductor Corp, as well as a background in public accounting with Ernst & Young and PricewaterhouseCoopers.
The Special Committee was formed in response to information brought to the Audit Committee's attention. The investigation concluded without substantial concerns regarding the integrity of the company's senior management or its financial statements. The Board has adopted all recommendations from the Special Committee, reinforcing its commitment to accurate financial reporting and legal compliance.
Despite the resignation of Ernst & Young LLP as the company's independent registered accountants, the Special Committee's findings did not support the conclusions reached by EY. The Board's actions reflect a proactive approach to maintaining robust financial oversight and governance.
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