Sports apparel company Under Armour made an under-the-radar executive change in November, hiring Aditya Maheshwari as chief accounting officer.
The hiring was first confirmed by the Baltimore Business Journal. Under Armour didn’t officially announce the appointment via a press release, nor did it submit a filing with the Securities and Exchange Commission as is usual practice.
The hiring came just weeks after a third-quarter earnings call in which the company scrambled to respond to reports the U.S. Department of Justice and the SEC had launched inquiries into Under Armour’s accounting practices and disclosures back in 2017 that were still ongoing. CFO David Bergman confirmed the company is the subject of an investigation but said “we firmly believe” that accounting practices and disclosures are and have been “appropriate.”
“We have been fully cooperating” with the government “for nearly two-and-a-half years,” Bergman maintained in the earnings call.
According to the job posting, Maheshwari will report directly to Bergman. Maheshwari will lead a team of more than 150 professionals and have “full accountability and responsibility for directing the Corporate Controllership function, the accounting operations teams and Internal Controls functions.”
“An area of particular strength of the organization is the company’s commitment to transparency and forthrightness in working with the Board and Audit Committee,” the posting states. “It will be paramount that this leader continues to enhance and foster this strong working relationship.”
According to his LinkedIn, Maheshwari previously served as chief accounting officer and senior vice president at Canada-based software firm OpenText. Prior to that, he was a partner at KPMG Canada from 2004 to 2016.
Under Armour’s chief accounting officer position was vacated in May 2019 when Andrew Page left the company after three months in the role for a chief accounting job at Advance Auto Parts. At that time, Bergman was redesignated principal accounting officer.