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Super Micro heeds committee call for new CFO amid process 'lapses'

Super Micro Computer Inc. has appointed a new Chief Financial Officer, David Weigand, following the resignation of its former CFO, Patrick Wang, amid concerns over financial reporting lapses. The change comes after the company's audit committee identified issues with internal controls over financial reporting, particularly related to the evaluation of certain accounting practices. The audit committee's investigation, which began in May, highlighted deficiencies in the company's processes for assessing the realizability of deferred tax assets and the accuracy of revenue recognition. Super Micro has since taken steps to remediate these issues, including enhancing its accounting policies and procedures, and has committed to improving its financial reporting and compliance framework. The transition in leadership and the focus on rectifying these lapses are part of Super Micro's broader effort to strengthen its financial governance and restore investor confidence.

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