"The investigation resulted in a series of recommendations that Supermicro agreed to carry out, including that the IT solutions manufacturer would appoint a chief accounting officer and "immediately" start a search for a new chief financial officer to replace David Weigand, who took the CFO role in February 2021. No wrongdoing was pinned on Weigand, but the committee's findings stated that there were "lapses" in the rehiring of nine people who had previously resigned in 2018"
"Given that Weigand, as CFO and chief compliance officer, "had primary responsibility for the process of hiring these employees, he had primary responsibility for processes lapses," the investigation committee stated. That included Supermicro entering into a consulting arrangement with its former CFO-who had also resigned in relation to the 2017 investigation-and then not informing EY or the board's audit committee."
An internal investigation found no evidence of fraud or misconduct but identified lapses in hiring practices tied to nine rehired employees who had resigned in 2018. The committee recommended appointing a chief accounting officer and immediately searching for a new chief financial officer to replace David Weigand. The committee said Weigand, as CFO and chief compliance officer, had primary responsibility for the hiring process lapses and noted an undisclosed consulting arrangement with a former CFO. Supermicro named Kenneth Cheung as CAO, yet Weigand remained CFO over 14 months later with no public update on the CFO search. The prolonged search reflects fierce demand for finance leaders with audit expertise and market credibility amid Supermicro's role in AI infrastructure buildout.
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