Cardinal Names New Financial Chief

Cardinal Health ( CAH) named former auto exec Michael Losh financial chief Monday as the health care industry supplier continues to deal with ongoing accounting probes.

The Dublin, Ohio, company said Losh replaces Richard J. Miller, who resigned after serving as the company's CFO since 1998. Losh was formerly the finance chief at General Motors ( GM).

The company also said it would seek to file 2004 results in late August or early September. Cardinal expects that it will file its Form 10-K for the year ended June 30 "on a timely basis."

The news comes three weeks after Cardinal shares tanked following a sharp earnings disappointment. Cardinal shares dropped 24% July 1 on news of a fourth-quarter earnings shortfall and outlook reduction.

Last month, Cardinal announced that the Securities and Exchange Commission had launched a formal probe of the company's methods for classifying revenue from its pharmaceutical distribution business. Specifically, the agency is examining whether certain amounts should be counted as revenue from bulk deliveries to customer warehouses instead of operating revenue.

Cardinal said Monday that its Audit Committee and its independent counsel continue to investigate regarding certain financial reporting and accounting matters. The company noted that there are also pending investigations by the SEC and the United States Attorney's Office for the Southern District of New York.

Cardinal Health said it continues to respond to these inquiries and provide all information required.

On Monday, the stock dropped 42 cents to $50.47.

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