Ex-CSK Auto CEO giving back $2.8M in SEC accord

[November 16, 2011]  WASHINGTON (AP) -- The former CEO and chairman of CSK Auto Corp. will give back about $2.8 million in bonuses and profits from sales of company stock he received while federal regulators say the auto parts supplier was committing accounting fraud in 2002 to 2004.

The Securities and Exchange Commission announced a settlement Tuesday with former CEO Maynard Jenkins. He agreed to return $2,796,467 to O'Reilly Automotive Inc., which acquired Phoenix-based CSK Auto in 2008. Jenkins neither admitted nor denied wrongdoing.

Jenkins wasn't personally charged in connection with the alleged accounting violations. But a 2002 anti-fraud law requires senior executives to repay bonuses, other incentive pay and stock profits they received during a period in which their company violated financial reporting rules. The SEC had sued Jenkins in July 2009, seeking $4.1 million.

[Associated Press]

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