Super Micro Computer focuses on fresh wind in the finance department

Super Micro Computer AG looks back on a challenging year, but the recent completion of an external audit brings relief: A special committee of the company's board and external legal advisors found no evidence of misconduct. The company now plans fundamental changes in financial management, as announced on Monday. Super Micro is currently seeking a new Chief Financial Officer, a Chief Compliance Officer, and a General Counsel. Kenneth Cheung, the former Vice President of the Finance Department, will become the new Chief Accounting Officer. These personnel decisions signal a fresh start and are intended to restore credibility after a year full of turmoil. Nevertheless, the situation remains complicated for the manufacturer of high-performance servers. After the company fell behind in submitting its annual financial report and consequently lost the trust of auditor Ernst & Young, it is now facing an investigation by the US Department of Justice. The trigger is a damning report by short-seller Hindenburg Research. The recently completed investigation was conducted by a special committee of the board along with over 50 lawyers from the Cooley law firm and a team from the forensic accounting firm Secretariat Advisors. This underscores Super Micro's determination to clarify any uncertainties and regain the trust of its stakeholders.