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Diebold CFO steps down in connection with SEC investigation into financial reporting
March 25, 2009
NORTH CANTON, Ohio — Diebold Inc. announced Wednesday that Kevin J. Krakora, a Diebold executive vice president and chief financial officer, has stepped down following the receipt of a "Wells notice" from the Division of Enforcement of the U.S. Securities and Exchange Commission in connection with an ongoing investigation of the company's financial-reporting practices.
Diebold's prior CFO along with other former employees in the company's finance organization also received Wells notices. Diebold says the Wells notices relate to items addressed in the company's previously filed restated financial statements.
The Wells notices indicate that the SEC is considering recommending that civil enforcement actions be brought against the named individuals, alleging that they violated various provisions of the federal securities laws.
Under the SEC's procedures, recipients of a Wells notice have the opportunity to respond to the SEC before a formal recommendation is made to the SEC regarding any civil enforcement action.
Krakora will continue to serve the company in a non-financial reporting capacity, pending resolution of the SEC matter. Leslie A. Pierce, vice president and corporate controller, is fulfilling the role of interim CFO.
Diebold says it is continuing to cooperate with the SEC in connection with its previously disclosed investigation. As part of this process, the company has had preliminary discussions with the SEC concerning resolution, including the possibility of entering into a settlement agreement. It is possible that the SEC will issue a Wells notice to the company in connection with the investigation.
Pierce joined Diebold in 1990 as a senior accountant. Before joining Diebold, Pierce had four years of public accounting experience at KPMG in Cleveland. She holds a bachelor's degree in accounting from Kent State University and is a certified public accountant.
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