International Rectifier fires CFO, executive VP resigns
El Segundo-based electronics manufacturer International Rectifier Corp. said Monday it has fired its chief financial officer and accepted the resignation of another top executive amid an internal investigation into accounting irregularities stemming from unsanctioned shipping practices.
The firm's board of directors fired Michael P. McGee, IRC's CFO and executive vice president, on Sunday. Robert Grant, the firm's executive vice president for global sales and marketing, resigned the same day. The $1 billion-a-year international firm did not offer reasons for the firing and resignation.
On Monday, the firm announced the appointment of Linda J. Pahl to acting CFO, effective immediately. The firm also said CEO Alexander Lidow would assume the duties of executive vice president for global sales and marketing pending a search for a successor.
IRC announced in April that it was conducting an internal investigation of accounting irregularities. In May, the firm said it had learned that its foreign subsidiaries possibly boosted the unit’s revenue by shipping products to warehouses not in the firm's logistical systems and recording sales that were “unsubstantiated,” according to IRC.
The firm subsequently said it had terminated the practice and took steps at the foreign unit to prevent it in the future.
IRC, which makes power management integrated circuit chips used in industrial, consumer and communications products, employs about 4,500 workers worldwide.