New ETF Book by Larry Connors - Click here to read more
Folberg will cease to be the CFO as of 16 June 2009 but will continue as a consultant to the company on special projects, as well as transition activities, for a period of nine months.
The change in Folberg's role did not arise from any issues regarding the integrity of the company's financial statements or internal controls over disclosure or financial reporting, ARI said in a statement.
ARI's chairman of the board of directors, Brian E. Dearing, is taking over as acting CFO, while a search for a new CFO starts immediately.
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