Super Micro’s finance chief — who is leaving as soon as the company can hire someone more experienced — said delinquent financial filings were ‘a distraction’.
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Super Micro, the formerly high-flying data server and storage solution company, has been in the hot seat because of some serious accounting issues, but CEO and founder Charles Liang on Tuesday sought to soothe shareholders with what he said was a conservative estimate of $40 billion in revenue next year.
Accordingly, that $40 billion projection for fiscal 2026 is “a relatively conservative estimation,” he added.
Similarly, chief financial officer David Weigand called the delinquent annual financial report “a distraction.” After an independent investigation kicked off last summer, a special committee recommended that Super Micro hire a new CFO “with extensive experience working as a senior finance professional at a large public company” to replace Weigand as soon as possible. Weigand will only remain in his role until the company appoints the new CFO.
Despite Liang’s attempts to downplay the impact of the delinquent reports, there were other concerns at play. The company announced it was facing securities lawsuits due to its overdue financial reports and that it had been slapped with subpoenas from the U.S. Department of Justice and the Securities and Exchange Commission at the end of 2024. Super Micro is cooperating with the requests from authorities and believes the lawsuits are without merit.
Source: FORTUNE
