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Electro Scientific terminates ex-CEO's employment
Reuters
www.reuters.com
LOS ANGELES, June 9 (Reuters) - Electronics maker Electro
Scientific Industries Inc. said on Monday it has terminated the employment of James Dooley, the company's chief executive until he was placed on paid leave in April.
The company, based in Portland, Oregon, said its board took the action based on an audit committee's ongoing investigation. Barry Harmon was named CEO in April.
On March 20 and April 15, Electro Scientific said it would restate financial results for the first and second quarters of fiscal 2003 and revise its preliminary results for the third quarter of fiscal 2003.
The company said it now believes that its restatement will change the timing or defer the recognition of revenue for a substantial number of transactions recorded during fiscal 2003 and prior periods.
Copyright 2003, Reuters News Service
http://www.forbes.com/home_asia/newswire/2003/06/09/rtr994966.html
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