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Sarbanes-Oxley News & Developments
Interpool Names CFO Amid Accounting ProbeInterpool Inc. is being investigated by the SEC for accounting irregularities.
> > James F. Walsh, a former executive of GE Capital who recently was president and CEO of C-S Aviation Services, will become the new CFO for Interpool Inc., effective on or before April 1, 2004. Until the appointment as CFO becomes effective, he will serve as executive vice president, finance, for Interpool. Richard Gross will continue to serve as interim CFO for Interpool - with responsibility for the reinstatement of company financials for 2000 and 2001 and preparation of 2002 results, which have not been released. Gross will become COO for Interpool once Walsh assumes his CFO duties.
In July the company announced that its CFO, Richard Gordon, resigned to become president of Morpheus Capital Advisors. At that time, the company said that Gross, then senior vice president of finance, would serve as interim CFO until a permanent CFO was named. Interpool also announced that it would further delay the release of its audited financial statements for 2002 and its restated financial statements for 2001 and 2000. The company added that its audit committee hired a special outside counsel, Morrison & Foerster, to conduct an inquiry into the causes of the incorrect accounting treatment that required the restatement.
Source: CFO
Published:2003-12-04
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