Rollins Names Interim Finance Chief Amid SEC Probe -- Update
July 28 2021 - 9:47AM
Dow Jones News
By Colin Kellaher
Rollins Inc. Wednesday said it has named an interim finance
chief amid a continuing investigation by the U.S. Securities and
Exchange Commission into the pest-control company's accounting
practices.
The Atlanta company, which disclosed the SEC probe last year,
said it recently became aware of allegations by a former senior
member of its accounting department that adjustments in its reserve
and accrual accounts were influenced by the company's performance
as measured against internal targets.
Rollins said that in light of those allegations, which it
believes are related to the years 2015 to 2017, the company is
conducting an internal investigation and has shifted Paul Northen,
who has been chief financial officer since May 2015, to the role of
senior vice president focused on sustainability.
Rollins said Julie Bimmerman, who joined its family of brands in
2004 and has been vice president of finance and investor relations
since May 2018, will serve as interim chief financial officer and
treasurer.
Rollins in October said the SEC was conducting an investigation
that the company believed was focused on how it established
period-end accruals and reserves, and the impact of those accruals
and reserves on reported earnings, starting in 2015.
In a filing with the SEC on Wednesday, Rollins said that based
on its internal investigation to date, it believes its prior
financial statements fairly present the company's financial
condition and results of operations. However, Rollins also warned
that it can't predict the outcome of the SEC's investigation.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 28, 2021 09:44 ET (13:44 GMT)
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