Press release of a resignation
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The company with which you are currently employed is experiencing a financial crisis. The Chief Financial Officer (CFO) has suddenly resigned and no one is discussing the reasons why. The U.S. Securities and Exchange Commission (SEC) is investigating your company's accounting practices and from the documents they have requested, the issue seems to concern revenue recognition. Rumors are beginning to circulate that suggest inappropriate behavior on the part of your company.
The organization is a publicly traded company and, as such, the company is required to issue a public notice concerning the sudden vacancy of the CFO. As a Certified Public Accountant (CPA) on the team drafting the notice, you are involved in communicating the current situation to the general public.
Write a press release. You may conduct research to find examples of public notices of this same nature. Use the examples to determine how you will format your press release.
Write an accompanying internal memo to your manager that includes the following:
o Outline what your company is legally required to do.
o Explain the value of the public communication in this situation.
o Examine the balance between calming external stakeholders and the ethical considerations of providing all the information that is required by the SEC.
o How the perception of the press release will affect public opinion.
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Solution Summary
This solution provides a press release regarding the resignation of a CFO.
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PRESS RELEASE:
(Company Name) Chief Financial Officer Resigns
Effective Date: August 17, 20xx
Location of Company: _____________
On August 17, 2010, Company Name, announced that there Chief Financial Officer has resigned. Said resignation was taken into effect on August 17, 2010. The Company will be naming a new Chief Financial Officer in the near future.
Company Name opened its doors in _____. Our company has strengthened its customer relations and its operations since it opened. Company Name is an outstanding company with a vibrant future, said __________, Interim Chief Financial Officer. "I intend on exceeding all expectations and getting the company in an orderly fashion during its transition process over the next few months".
The Company Name and Company logo are trademarks or registered trademarks of (Trademark Name) and/or its subsidiaries in the United States and in other countries.
For all those interested, we will be ...
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