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Molex Demotes CEO, Hires New Auditor

Molex Demotes CEO, Hires New Auditor

by Rick Turoczy on December 12, 2004

Electronic parts maker Molex Inc. demoted CEO Joseph King, complying with the demands of its new auditing firm, and named co-chairman and former chief executive officer Frederick Krehbiel to return to the top post.

The former auditor, Deloitte & Touche, had resigned after the company rejected its demand that King and former chief financial officer Diane Bullock be removed from senior positions because the accountants said they could no longer rely on their representations in their audits.

Molex then was forced to file its quarterly report without review by independent auditors, which made it subject to potential delisting by the Nasdaq.

When Ernst & Young made the same demand as Deloitte, Molex complied.

Molex Demotes CEO, Hires New Auditor

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