Dive Brief:

• Super Micro Computer CFO David Weigand sold nearly $3 million in shares last week, representing an offloading of 67,000 shares for $44.02 per share, according to a May 20 securities filing by the AI server maker. Following the sale, Weigand directly owns 88,599 shares of the company, according to a filing with the Securities and Exchange Commission.
• The sale comes after Weigand, who has served as CFO for the San Jose, California-based technology company since 2021, received over $9 million in total compensation for Super Micro’s fiscal year 2024, according to the company’s latest proxy filed April 24, including a cash payment of $110,060. The CFO also received an aggregate grant of $440,239 in restricted stock units granted on Feb. 27.
• The sale also comes after Super Micro announced its plans to “transition” to a new finance chief in December, following the recommendations of an independent special committee’s investigation into its management and audit committee. Weigand is expected to stay on until a successor has been named, according to the December announcement.  

Dive Insight:

The investigation occurred after now-defunct short seller Hindenburg Research issued a report on Super Micro last August, which detailed “glaring accounting red flags,” CFO Dive reported at the time. Following the report, Super Micro, a producer of severs, software and storage systems, delayed the filing of its annual 10-K for 2024 and announced it would be completing an assessment of its internal controls.

While the investigation found “no evidence of misconduct,” by company management, it also flagged several process “lapses,” and noted the CFO had “primary responsibility” for such lapses.” Following recommendations from the final report, the company named its then-VP of finance and corporate controller, Kenneth Cheung, to the role of chief accounting officer, and announced it would conduct a search both for a general counsel and chief compliance officer.

Weigand, who is designated as both Super Micro’s CFO and chief compliance officer according to the company’s latest proxy, took on the role of finance chief in February 2021 and has served as its SVP and chief compliance officer beginning in 2018, according to his LinkedIn profile. Prior to joining Supermicro, Weigand served as VP of Tax, SGI at Hewlett Packard Enterprise.

Though the AI server company has appointed new directors to its board as well as a new general counsel in recent months following the December report, it has yet to indicate a potential successor for Weigand as CFO.

In March, in accordance with its reinstated and amended bylaws, Super Micro increased its number of directors to 10, and appointed Deloitte alum Scott Angel to a director position, according to an SEC filing and press release. Also that month, the AI server maker tapped Yitai Hu to serve as its general counsel and SVP, corporate development.

The appointments come as the AI server maker is looking to move past last year’s accounting issues. Earlier this month, Super Micro announced a partnership with data center provider DataVolt to build “hyperscale AI campuses” in the Kingdom of Saudi Arabia, according to a company press release. The centers will utilize Super Micro’s cooling solutions, AI and compute servers.

However, the technology firm is continuing to face headwinds, with Super Micro lowering its full year guidance for fiscal 2025 in the midst of continued tariff and economic uncertainty, CEO and President Charles Liang said in a statement included in its earnings report.

For the quarter ended March 31, Super Micro reported reported net income of $108.7 million compared to $402.4 million in the prior year period, as well as net sales of $4.6 billion compared to $3.8 billion in the prior year period. The company recast its full-year 2025 revenue guidance to a range between $21.8 billion to $22.6 billion, compared to previous guidance between $23.5 billion to $25 billion.

Super Micro did not immediately respond to requests for comment.