SAN JOSE, Calif. Following an accounting snafu, International Rectifier Corp. has terminated its CFO, while another executive resigned from the chip maker.
IR announced that on July 1, the employment of Michael P. McGee, executive vice president and chief financial officer, was terminated by the company's board.
In addition, on July 1, Robert Grant, executive vice president of global sales and marketing, resigned from the company.
The company has announced the appointment of Linda J. Pahl as acting CFO on an interim basis effective immediately. Alexander Lidow, CEO, will assume the duties of Grant until a successor is appointed.
Since joining IR in 1999, Pahl has served the company in various financial roles, most recently as vice president of corporate finance since April 2006.
On April 9, 2007, the company announced that it was conducting an internal investigation of accounting irregularities, being carried out by independent investigators hired by outside legal counsel at the request of the audit committee of the board. That investigation continues.