Rollins Names Interim Finance Chief Amid SEC Probe -- Update

By Colin Kellaher

Rollins Inc. Wednesday said it has named an interim finance chief amid a continuing investigation by the U.S. Securities and Exchange Commission into the pest-control company's accounting practices.

The Atlanta company, which disclosed the SEC probe last year, said it recently became aware of allegations by a former senior member of its accounting department that adjustments in its reserve and accrual accounts were influenced by the company's performance as measured against internal targets.

Rollins said that in light of those allegations, which it believes are related to the years 2015 to 2017, the company is conducting an internal investigation and has shifted Paul Northen, who has been chief financial officer since May 2015, to the role of senior vice president focused on sustainability.

Rollins said Julie Bimmerman, who joined its family of brands in 2004 and has been vice president of finance and investor relations since May 2018, will serve as interim chief financial officer and treasurer.

Rollins in October said the SEC was conducting an investigation that the company believed was focused on how it established period-end accruals and reserves, and the impact of those accruals and reserves on reported earnings, starting in 2015.

In a filing with the SEC on Wednesday, Rollins said that based on its internal investigation to date, it believes its prior financial statements fairly present the company's financial condition and results of operations. However, Rollins also warned that it can't predict the outcome of the SEC's investigation.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

July 28, 2021 09:44 ET (13:44 GMT)

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