The three reps were not authorized to make the confirmations and have been relieved of their sales responsibilities, Sara Lee emphasizes. They have not been suspended as reported in ID's first web alert but rather are "working in support of the investigation," a spokesperson adds.
"While this is a serious matter, we want to emphasize that Sara Lee is not the focus of this investigation, and this discovery in no way affects our financial results," points out C. Steven McMillan, Sara Lee chairman, president and ceo. "We will continue to cooperate fully with the SEC's investigation into the accounting practices at the U.S. foodservice unit of Royal Ahold.
The company is providing its findings and related materials to the Securities and Exchange Commission (SEC) in conjunction with the SEC's ongoing investigation of USF accounting practices in relation to booking of promo monies.