Supermicro (SMCI) announced that the independent special committee formed by the company’s board of directors has completed its review. As a result of these findings, the Special Committee recommended that the company a number of measures to strengthen the company’s governance and support the dynamic growth of the business operations: including transition to a new Chief Financial Officer; Appoint a Chief Accounting Officer; Appoint a Chief Compliance Officer; Appoint a General Counsel and Expand the Legal Department; and others. The board has adopted all of the Special Committee’s recommendations. To address the Special Committee’s recommendations, and being mindful of the company’s rapid business growth over the past two years, the board has instructed management to add additional experienced, senior talent commensurate with the company’s size and complexity today and to prepare for its future growth. Specifically, the board’s action in adopting all of the Special Committee’s recommendations includes the following updates and planned measures: The company has begun a process to search for a new Chief Financial Officer. David Weigand will continue to serve as the Company’s CFO until the Board has named his successor. Additionally, the company is accelerating its search for a Chief Compliance Officer and for a General Counsel. Kenneth Cheung has been appointed Chief Accounting Officer. Mr. Cheung is currently the Vice President of Finance and Corporate Controller of Supermicro and previously served as the Vice President of Operations at the Company. The company will continue expanding and enhancing its training programs as part of its commitment to continuous improvements in its financial controls and compliance processes.
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