Former CSK chief executive Maynard Jenkins has been ordered by the Securities and Exchange Commission (SEC) to return more than $4 million in bonuses and equity compensation he was given during the years 2002 to 2004 -- years during which the company was found to have misstated its financial results.
Jenkins left the company in 2006 as an investigation into fraudulent reporting of financial results was commenced by the SEC. The long-running investigation into CSK's financial reporting was settled in May.
This week, the
Wall Street Journal (
WSJ) reported that Jenkins has been ordered to return compensation he earned during that time, even though he wasn’t personally accused of any wrong doing. The
WSJ reports that this is the first time the SEC has made such an order, allowed for in the “clawback” provision of the 2002 Sarbanes-Oxley act.