Diamond Foods formally parts ways with ex-c.e.o.
SAN FRANCISCO — Michael Mendes, former chief executive officer of Diamond Foods, formally resigned from the company on Nov. 19. Mr. Mendes was placed on administrative leave on Feb. 8 after accounting irregularities were identified in the company’s financial statements. The irregularities led Diamond Foods to restate its earnings for fiscal years 2010, 2011 and the first three quarters of fiscal 2012.
As part of his agreement with the company, Mr. Mendes will pay back $2,743,400 in bonus payments for fiscal years 2010 and 2011, and return 6,665 shares of common stock that were awarded to him after fiscal year 2010.
Steven M. Neil, former chief financial officer, was formally terminated by the company on Nov. 19. Mr. Neil was placed on administrative leave at the same time as Mr. Mendes.