International Rectifier Fires CFO

International Rectifier(IRF) fired its finance chief and announced the departure of its head of worldwide sales, as the company's internal investigation into past accounting irregularities moves forward.

The El Segundo, Calif.-based chipmaker said Monday that its board of directors has terminated the employment of Michael McGee, who has served as CFO since 1993. Until the company finds a permanent replacement, it said, Linda Pahl, the vice president of corporate finance, would serve as CFO.

The company didn't specifically say why McGee was fired, although the announcement mentioned the ongoing accounting investigation.

In April, International Rectifier said that an internal probe had uncovered evidence of accounting irregularities at a foreign subsidiary and determined that there was a material weakness in the internal controls of the division's financial reporting.

Among the irregularities cited by International Rectifier at the time was premature revenue recognition of product sales.

International Rectifier, which makes chips that manage energy efficiency for everything from video game consoles to refrigerators, said then that its financial reports for 2006 and much of 2005 should no longer be relied upon.

Aside from McGee's departure, the company said Monday that Robert Grant, executive vice president of global sales and marketing, has resigned. His shoes will be temporarily filled by CEO Alexander Lidow.

Shares of International Rectifier were up 25 cents at $37.51 in midday trading.

>To order reprints of this article, click here: Reprints