Another One Bites The Dust

From AAO Weblog

Maxim Integrated’s CFO is out, according to this nonreliance 8-K filed yesterday.

The company also expanded the age range of the financials that should be disregarded by investors. Initially, its investigation of improper dating covered grants between mid-1995 to 2002; the investigation was expanded to include grants all the way up through 2006. The “nonreliance” tag is applied to all the financials between 2000 and 2006.

No hints as to size of the unrecorded comp, other than it will be material to some years, and as an adjunct mystery, no clues about tax liabilities either. The release mentioned that “The Special Committee determined that all options granted to officers of the Company were properly granted. The Special Committee also found no evidence to suggest that any of the outside directors engaged in any wrongdoing or malfeasance with respect to any Maxim stock option grants.” No evidence of self-enrichment, either. The option grants in question related to employees and directors.

Add another CFO to the growing legion of ex-CFOs ($ needed) as reported by Fortune magazine. You can blame Sarbanes-Oxley all you want – but don’t forget that many of the CFOs who are not enduring the heat may have come of age during the gravy years in the first place. The group coming in after SarbOx implementation may be made of sterner stuff.

http://www.accountingobserver.com/blog/