SAN JOSE, Calif. International Rectifier Corp. said that Alex Lidow, chief executive and director, has gone on a ''leave of absence'' with pay pending the resolution of a previously-announced accounting snafu.
IR's ''board has determined that this action was in the best interests of the company and no conclusion has been reached by the audit committee that Dr. Lidow has engaged in any wrongful conduct,'' according to the chip maker.
Lidow remains a member of the board. Donald Dancer, IR's executive vice president, general counsel and secretary, has been designated by the board as acting CEO during this period.
In April, IR discovered some accounting irregularities at a foreign subsidiary. These accounting irregularities include premature revenue recognition of product sales and other issues, according to IR (El Segundo, Calif.).
Following an accounting snafu, IR terminated its CFO, while another executive resigned from the chip maker.