Durability + Design
Follow us on Twitter Follow us on LinkedIn Like us on Facebook Follow us on Instagram Visit the TPC Store
Search the site

 

D+D News

Main News Page


PPG Fires Controller Amid Financial Investigation

Tuesday, May 15, 2018

More items for Good Technical Practice

Comment | More

Global coatings manufacturer PPG (Pittsburgh) announced Thursday (May 10) that it has terminated its former vice president and controller after an internal investigation revealed improper accounting practices stretching back to 2017.

The company said in a press release that it has filed for an extension with the U.S. Securities and Exchange Commission because it was unable to submit its quarterly report on Form 10-Q for the first quarter of 2018 in time for its May 10 deadline. PPG had noted when it publicly released its first-quarter numbers in April that inconsistencies had been found in some of its accounting, and that some of the numbers in its preliminary report could be incorrect.

PPG Place
© iStock.com / JoeCollver

PPG terminated it controller Thursday after uncovering accounting discrepancies in its 2018 first-quarter numbers as well as throughout its 2017 financial reports. 

PPG did not name the official who was fired in its press release but said that the controller had been placed on leave on April 25 and was officially terminated May 10. As of Friday morning (May 11), the company’s website identified Mark C. Kelly as vice president and controller, and reports, including one from the Pittsburgh Post-Gazette, identified Kelly as the terminated employee.

Two other employees who reported to Kelly have been reassigned in the wake of the accounting problems, according to PPG; some employees working under the controller made improper entries at his direction, the company says.

The Issues

According to PPG’s statement, the initial findings involved a failure to record amortization expenses, understatement of a health insurance accrued liability and failure to record an adjustment increasing the value of inventory during 2018 Q1, which ended March 31.

Beyond the discrepancies in the first quarter of 2018, PPG says its investigation found further issues with accounting in 2017, and as a result, quarterly reports and the company’s annual report for 2017 “should no longer be relied upon.”

PPG says it will not provide further information until the investigation is concluded “or the Company determines that further disclosure is appropriate or necessary.”

   

Tagged categories: Ethics; Finance; Personnel; PPG

Comment from Zenith Czora, (5/16/2018, 3:53 AM)

Greed is an evil thing, Somehow, humans are not satisfied with what they are having.


Comment Join the Conversation:

Sign in to our community to add your comments.

Advertisements
 
Shield Industries, Inc
 
FireGuard® E-84 Intumescent Coating - Shield Industries, Inc
 
Trust the certified protection of the industry’s most innovative intumescent coating FireGuard® E-84 to provide you with the 1 and 2 hour fire ratings you need.
 

 
Keim Mineral Coatings
 
Mineral Silicate Paints + Stains Fuse to Concrete
 
• Forms permanent chemical bonds
• Becomes part of the concrete
• Will never peel
• Looks completely natural
 

 
Garland Company
 
Architectural Wall Coating Damproofs and Beautifies
 
Tuff-Coat™ multi-functional coating bridges hairline cracks, hides stains and discoloration, and reduces wall temperature, increasing the wall's life cycle.
 

 
Novatek Corporation
 
Novatek Portable Air Filtration Systems
 
Air Scrubbers/Negative Air machines for restoration, abatement, dust & odor control, hazardous contaminant removal from job sites to clean rooms and hospitals. Portable, affordable!
 

 
Atlas Material Testing Technology
 
Helping You Put Your Products To The Test
 
  • Outdoor Accelerated Weathering
  • Laboratory Testing Services
  • Accelerated Weathering Instruments

  • www.atlas-mts.com
    atlas.info@ametek.com
 

 
EMME Controls
 
EMME (Energy Management Made Easy)
 
• Achieve a zone in every room for 1/2 the cost
• Save up to 40% in energy consumption
• Works in any size building
• Can be installed in as little as a few days without remodeling
• Comfort results guaranteed in writing
 

 
 
 

Technology Publishing Co., 1501 Reedsdale Street, Suite 2008, Pittsburgh, PA 15233

TEL 1-412-431-8300  • FAX  1-412-431-5428  •  EMAIL webmaster@durabilityanddesign.com


The Technology Publishing Network

Durability + Design PaintSquare the Journal of Protective Coatings & Linings Paint BidTracker

 

© Copyright 2012-2018, Technology Publishing Co., All rights reserved