Under Armor names new accounting chief officer after financial scandal

Under Armor takes action after a financial scandal. The American sportswear company has appointed Aditya Maheshwari as new accounting chief officer. The appointing took place on November 25, just three weeks after the SEC, the latter began its investigation into the company’s accounting practices.

Maheshwari was also responsible for the accounting department and acted as the senior vice president of OpenText Corporation, a business software provider. He spent three years of his professional career in the entity. He equally worked as an auditor for Kpmg Canada since 2004. Now, the Indian-born executive will report directly to Under Armor CFO David Bergman.

Maheshwari’s main objective will be to provide the information required by the Securities and Exchange Commission (SEC) and the United States Department of Justice (DOJ). The brand still confirms that its accounting practices and publications “were appropriate”, although it still faces scrutiny on its accounts.

The American sportswear company ended its third quarter of 2019 with a turnover of 3 billion dollars with a growth of just 0.5% compared to the previous year. The benefit, meanwhile, increased to 107.4 million dollars. This is a notable increase because between January and September 2018 the company obtained losses of 50 million dollars.