SouthWest Water Co. on Wednesday said Chief Financial Officer David B. Stanton was no longer with the company and Ben Smith had been appointed interim CFO.

The water utility did not give a reason for Stanton’s departure. Stanton, 42, joined the company in November 2006 as executive vice president of strategic development and was named CFO in December 2007.

Smith, 39, joined the company in 2006 and has been serving as SouthWest Water’s principal accounting officer. Prior to joining the company, he was a manager at Calpine Power America and held executive management positions with Commerce Restructuring LLC, and Veras Investment Partners.

Smith “was instrumental in successfully guiding the company through its recent financial review,” said Chief Executive Mark A. Swatek in a press release. “His deep knowledge of the company will help ensure a smooth transition.”

The company, which owns utilities and provides water and related services to municipalities and companies, restated financial statements in July for its 2006 and 2007 fiscal years and quarters ended March 31, 2008, and June 30, 2008, with a cumulative reduction in net income of $10.2 million. The accounting problems were uncovered by auditors who took over after a new management team led by Swatek came on board in mid-2007.

Shares were down 30 cents, or 5 percent, to $5.65 in midday trading on the Nasdaq.