The American Italian Pasta Company yesterday (14 August) revealed that its chief financial officer, George Shadid, will leave at the end of August to join a Lenexa-based private hardware retailer.
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AIP has also started the search for a permanent CEO to replace Jim Fogarty. The company said that a new CEO would first be found, allowing the chief executive to participate in the selection of a CFO.
In the meantime, Paul Geist, VP and corporate controller, has been appointed principal accounting officer. Geist and Jeff Johnson, VP of finance, will report directly to the CEO.
The troubled Kansas-based pasta manufacturer was forced to restate its financial reports back to 2000, and it plans to take a one-off charge of US$141m for a variety of items. It expects to file its restated financials by the end of the year.
In an attempt to stabilise the company, AIP has downsized, selling a manufacturing plant and some of its speciality brands. In its release, the company said it gained $7.7m from the sale of assets.
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