Thursday, August 30, 2007

International Rectifier Places CEO On Leave

El Segundo-based International Rectifier said today that it has placed Alex Lidow, the firm's CEO, on a leave of absence with pay, pending conclusion of the firm's investigation into accounting irregularities at the firm. According to IR, the firm's board has determined that the action was in the "best interests of the Company" but stated that no conclusion has been reached by the firm on any wrongful conduct. Lidow remains on the board. Donald R. Dancer, the firm's General Counsel and an EVP at the firm, has been appointed acting CEO of the company. IR began the accounting investigation in April over revenue recognition at a foreign subsidiary; the firm fired its CFO, Michael McGee, in July.

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