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Power Integrations chair, CFO resign
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Spencer Chin
EE Times
(05/05/2006 12:42 PM EDT)
MANHASSET, N.Y. — Amidst continuing financial difficulties, analog semiconductor supplier Power Integrations Inc. has announced that Howard Earhart resigned as the chairman of the company's board of directors, and John Cobb resigned as its chief financial officer.
The board expects to elect a non-executive chairman from among existing independent directors in the near future, and the company plans to initiate a search for a new chief financial officer immediately.
Power Integrations (San Jose) disclosed March 13, 2006 that it delay filing of its fiscal 2005 financial report with the U.S. Securities and Exchange Commission so that it could complete an ongoing internal investigation of its finances. The company created a special committee to conduct an internal investigation of company practices related to stock option grants to officers and directors, and related matters.
The committee has reached a preliminary conclusion that the actual dates of measurement for certain past stock option grants differed from the recorded grant dates for such awards. As a result, Power Integrations will likely restate its historical financial statements for each of the fiscal years 1999 through 2004, and for the first three quarters of the fiscal year ended Dec. 31, 2005.
On May 4, 2006, the audit committee of the company's board of directors concluded that such financial statements and any related reports of its independent registered public accounting firm should no longer be relied upon.
The company intends to file its Form 10-K for 2005 and any financial statements required to be restated, as well as its Form 10-Q for the quarter ended March 31, 2006, as soon as possible after completion of the special committee's review.
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