(Spencer)– The chairman of the board of Spencer-based Cycle Country Accessories has stepped down after an audit turned up some 400-thousand dollars was misappropriated from the company.
Company officials say L.G. “Bob” Hancher, Junior admitted to the matter and resigned from the board.
Officials say the misappropriated money was found in the company’s financial statements for the period ending September 30th, 2009.
Cycle Country President and CEO Jeffrey Tetzlaff says he’s confident the company will be able to recover the funds, adding they’re prepared to cooperate in any investigation into the matter.
Robert Davis, the company’s interim Chief Financial Officer, says the issue will not have a negative impact on the company’s financial structure, adding it has sufficient funds and liquidity.
Hancher had served on the company’s board of directors since 2001.
