Super Micro Computer names Mark Long CFO after nearly two‑year search
An Oct. 15 filing puts the appointment's effective date at Oct. 14 and details cash and equity terms for the new finance chief.
Julian Okafor
A 22-month search for a new finance chief has ended with a change in financial oversight at a major AI server supplier. Super Micro Computer, Inc. NASDAQSMCI, the San Jose manufacturer of servers and data-centre systems, appointed Mark Long chief financial officer effective Oct. 14, according to its securities filing.
Long replaces David Weigand and reports directly to founder and chief executive Charles Liang. The board made the appointment on Wednesday, while the company announced it on Thursday, Oct. 15.
Shares fell 9.9 per cent to US$31.63 on Nasdaq at Friday's close NASDAQSMCI, timestamped 4:00 p.m. EDT.
The change follows the company's Dec. 2, 2024 announcement approving a transition to a new CFO after an independent committee reviewed accounting and governance concerns. The Oct. 15 appointment filing describes the officer change and employment terms; it makes no finding that financial-reporting controls have been remediated.
The CFO Transition Began With The 2024 Review
Supermicro's December 2024 account of the review said its former auditor raised concerns about governance, transparency and internal control over financial reporting in July that year. The board formed a special committee in response.
Independent director Susie Giordano, an attorney with more than 25 years of experience advising management and boards, comprised the committee. Outside lawyers and forensic accountants supported its investigation, which included 68 witness interviews.
The review covered revenue recognition, merchandise returns and warranties, related-party disclosures, export-control issues and the rehiring of former employees. Supermicro said the committee found no evidence of fraud or misconduct by management or the board in the subjects examined.
The committee nevertheless identified lapses in the processes surrounding certain rehires, including failures to promptly inform the audit committee or independent auditor. It assigned primary responsibility for those processes to the combined CFO and chief compliance officer role.
The company's account also said the committee found no evidence that those lapses resulted from bad faith, improper motives or disregard for accurate financial reporting. The board approved the CFO transition alongside a new chief accounting officer and additional executive hires.
Long's Package Includes Guaranteed Cash And Equity
Long, 59, previously served as a public-company CFO from 2016 to 2019 and also led corporate strategy. He holds law and business degrees from the University of Michigan, according to the Oct. 15 filing.
His employment terms set an annual base salary of US$725,000 and a sign-on bonus of US$500,000. The Oct. 15 filing says the sign-on payment is subject to prorated repayment if he leaves before completing two years of employment.
Long also receives a guaranteed annual cash bonus of US$500,000, payable monthly or quarterly. Under the terms disclosed Oct. 15, an additional performance-based annual cash bonus can range from US$225,000 to US$725,000.
The initial equity package disclosed in the Oct. 15 filing comprises 120,000 restricted stock units and options to buy 150,000 shares, subject to compensation committee approval. Both awards would vest over four years, subject to continued employment and the applicable plans.
The Oct. 15 announcement describes an extensive search and says Weigand will support the handover.
"David will assist in the transition and shift his focus to helping optimize and accelerate the business," the company said in the release.
The announcement does not specify a new job title for Weigand. The filing says he ceased serving as CFO when Long's appointment took effect on Oct. 14.
The Next Report Covers A Larger Business
In its Aug. 11 preliminary results, Supermicro reported annual sales of US$39.1 billion, compared with US$22.0 billion a year earlier. The fiscal year ended June 30, 2026.
At that year-end, the company reported US$7.5 billion in cash and equivalents against US$8.7 billion in bank debt and convertible notes. Those figures were part of the preliminary financial information released Aug. 11.
That release also disclosed a board review of certain transactions connected to export-control issues. Supermicro cautioned that its outcome could affect forecasts, preliminary results and prior-period results; the CFO appointment announcement provides no outcome for that review.
Mugglehead's Oct. 15 coverage of an AI deployment partnership tracked a supplier agreement to deliver contracted projects. Supermicro's Aug. 11 release described its own business as supplying complete IT solutions for AI, cloud and storage customers.
Read more: Axe Compute signs Penguin Solutions to deliver contracted AI projects
The next reporting test covers the quarter ended Sept. 30, 2026, the first quarter of Supermicro's new fiscal year. Its investor calendar listed no upcoming earnings event when checked on Oct. 16.
