Autodesk stock surges as new CFO assigned after accounting probe.

1 min read


Autodesk reassigns CFO and sees its stock surge after monthlong accounting probe


  • Autodesk reassigned its CFO Deborah Clifford to chief strategy officer and appointed Elizabeth Rafael as interim CFO.
  • The stock of Autodesk surged by 10.2% after the reassignment, resolving an internal accounting investigation that delayed filings for weeks.

Autodesk made strategic executive changes after an internal accounting investigation that had been weighing down the company for months. Deborah Clifford, who had been serving as CFO since March 2021, was reassigned to chief strategy officer, while Elizabeth Rafael, a board member, was named interim CFO. The stock of Autodesk saw a significant increase of 10.2% following the reassignment, marking the biggest intraday gain in over a year.

The investigation surrounding Autodesk’s accounting processes related to free cash flow and operating margins caused the company to delay its annual financial disclosure and review its multiyear software contracts billing. Despite the probe, it was confirmed that there would be no adjustments to the financial statements. The decision to replace Clifford was made by the board of directors’ audit committee, which had led the investigation.

Analysts had previously expressed concerns over Autodesk’s uncertain situation, with a recent shift in the company’s transaction model potentially contributing to the accounting issues. Despite the delays in filing earnings reports, Autodesk released preliminary financial results for the first quarter of fiscal 2025, which exceeded analysts’ estimates in terms of revenue and adjusted profit. The company is working diligently to file its annual report and hold an earnings call to discuss the results.

Challenges still lie ahead for Autodesk as questions remain regarding the accounting practices and the pace of pursuing multi-year upfront contracts with enterprise customers. However, the reassignment of key executives and the positive reaction of the stock market signal a step towards resolving the accounting probe and restoring investor confidence in the company.


Previous Story

Your Daily Accounting Briefing – 2024-06-04

Next Story

Manager hit with £5K fine for financial mishaps in firm.

Latest from News