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Sarbanes-Oxley News & Developments
Freddie Mac - Terminates President and COO David GlennGlenn was terminated due to his uncooperation and candor with the Audit Committee counsel.
> > Amid mounting probes of alledged accounting misdeeds and document tampering at Freddie Mac, has sacked its president and switched CFOs. David Glenn, former president and chief operating officer, was terminated because of serious questions as to the timeliness and completeness of his cooperation and candor with the Board Audit Committee counsel.
The Freddie Mac board had hired its audit committee counsel in January to check into accounting errors that cropped up during the process of a restatement of financial results for 2000, 2001, and 2002.
Former chief investment officer Gregory Parseghian was named CEO and president, and Martin Baumann, an executive vice president,is now CFO.
Freddie Mac is also facing a SEC probe of possible securities law violations. The SEC will focus on whether the company deferred income to smooth future results and whether the CEO and CFO might have broken the law by certifying false financial statements.
Source: CFO article
Published:2003-06-11
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