International Rectifier Corp. announced Wednesday the appointment of Ilan Daskal as chief financial officer, more than a year after firing its long-time CFO over accounting irregularities discovered at a foreign subsidiary.
The move comes as the El Segundo chip maker faces a hostile takeover attempt from a competitor that will culminate in a proxy battle at the company's Oct. 10 annual meeting. That is just days after Daskal is scheduled to start work.
International Rectifier earlier this month turned down a second, unsolicited buyout proposal valued at $1.7 billion from Malvern, Pa.,-based Vishay Intertechnology Inc. International Rectifier said the bid significantly undervalues the company now that is has put its accounting problems behind it. But Vishay is proceeding with a cash tender offer and bid to elect three board candidates.
In May 2007, International Rectifier disclosed accounting irregularities that lead to the departure of CFO Michael McGee and later resignation of chief executive Alex Lidow. Since then, the company has relied on interim CFOs during the investigation that lead to the company restating at least six quarters of financials.
Daskal, 43, has more than 20 years of technology industry financial and strategic planning experience and most recently was vice president of finance & business administration for a division of Infineon Technologies, the company said.
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